Match Each of the Following Items with the Appropriate Description

question 67

Short Answer

Match each of the following items with the appropriate description, in determining whether sales/use tax typically must be collected.
a.Taxable
b.Not taxable
-Accounting services purchased by a business

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Definitions:

OPEC

The Organization of the Petroleum Exporting Countries (OPEC) is an international cartel that aims to manage the supply of oil in an effort to set the price of oil on the world market.

Tax Burden

The overall economic weight of taxation on an individual, corporation, or other entity, often measured as a percentage of income or revenue.

Inelastic

A characteristic of demand whereby a change in price leads to a lesser change in the quantity demanded, indicating low sensitivity to price changes.

Price Ceilings

Government-imposed limits on how high a price can be charged for a product, service, or commodity.