Which of the Following Would Indicate That Income Tax Is

question 104

Multiple Choice

Which of the following would indicate that income tax is progressive?

• A)High-income people pay $3,000 in taxes;low-income people pay $1,000.
• B)Low-income people pay $3,000 in taxes;high-income people pay $1,000.
• C)Both high-income and low-income people pay $1,000 each in taxes.
• D)High-income people pay 20 percent of their income in taxes;low-income people pay 10 percent.
• E)Both high-income and low-income people pay 10 percent of their income in taxes.

Understand the significance of cash flow within a business and how it's tracked.

Recognize the difference between accounting and bookkeeping.

Comprehend the roles of regulatory bodies and legal requirements in accounting standards and practices.

Appreciate the importance of ethical practices and integrity in accounting.