Which of the Following Statements Is Incorrect

question 59

Multiple Choice

Which of the following statements is incorrect?

• A)Property taxes are levied on real estate.
• B)Excise taxes are assessed on items such as gasoline and telephone use.
• C)Gift taxes are levied on the recipient of a gift.
• D)The estate tax is based on the fair market value of property at death or the alternate valuation date.

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Definitions:

Demand and Supply of Gasoline

The relationship between the quantity of gasoline consumers are willing to buy at various prices and the quantity suppliers are willing to sell.

Initial Supply Curve

The starting position of the supply curve before any changes in market conditions or external factors.

Organization of Petroleum Exporting Countries

An intergovernmental organization of 13 oil-producing countries that works to coordinate and unify the petroleum policies of its member countries.

Chocolate-Covered Peanuts

A snack consisting of peanuts coated in chocolate, combining the crunchy texture of nuts with the sweetness of chocolate.