Which of the Following Is/are TRUE

question 20

Multiple Choice

Which of the following is/are TRUE?
I. The EAR can never exceed the APR.
II. The APR can never exceed the EAR.
III. The APR and EAR can never be equal.

• A) Only I is true.
• B) Only II.is true.
• C) Only II & III are true.
• D) Only I & III are true.

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Definitions:

Federal Tax Legislation

Laws passed by the United States Congress that relate to taxes imposed by the federal government.

Senate Finance Committee

A powerful committee in the United States Senate that deals with matters related to taxation, revenue, and other financial policies.

Form 1040EZ

Form 1040EZ was a simplified tax form for individuals with uncomplicated tax situations, but it is no longer in use as of 2018.

Taxable Wages

Earnings from employment or other services that are subject to taxation, after accounting for deductions and exemptions.