Identify the Four Parts of the Transaction Processing Cycle

question 100

Multiple Choice

Identify the four parts of the transaction processing cycle.

• A)data input,data storage,data processing,information output
• B)data input,data recall,data processing,information output
• C)data input,data recall,data transmission,information output
• D)data input,data recall,data transmission,data storage

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Definitions:

Payroll Tax

Taxes imposed on employers and employees, calculated as a percentage of the salaries that employers pay their staff.

Federal Personal Income Tax

A tax levied by the federal government on the yearly income of individuals, with the rate applied varying according to the income level.

Progressive Taxes

A tax system in which the tax rate increases as the taxable amount increases, placing a higher tax burden on individuals with higher incomes.

Proportional Taxes

A tax system where the tax rate remains constant regardless of the amount on which the tax is imposed, resulting in taxes being proportionate to the income.