The Largest Source of Tax Revenues for States Is

question 8

Multiple Choice

The largest source of tax revenues for states is

• A) general sales.
• B) motor fuel.
• C) alcoholic beverages.
• D) tobacco.

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Definitions:

Note Collected

The action of receiving payment or settling a promissory note, where one party pays the amount owed to another.

Bank Service Charges

Fees charged by a bank for the handling of accounts, provision of services, or the execution of transactions.

Journal Entries

The basic method of recording financial transactions in the accounts of a business using a double-entry bookkeeping system.

Cash Sales

Transactions where payment is made in cash at the time of sale, immediately impacting a company's cash balance.