Match Each Term with the Correct Statement Below

question 50

Multiple Choice

Match each term with the correct statement below.
-The common, customary, recurring type of income earned by taxpayers.

• A)Ad valorem tax
• B)Deduction
• C)Excise tax
• D)Exclusion
• E)Expense
• F)Gain
• G)Loss
• H)Ordinary income
• I)Pay-as-you-go concept
• J)Personal property
• K)Real property
• L)Self-assessment
• M)Standard deduction
• N)Statute of limitations
• O)Tax base
• P)Tax credit

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Definitions:

Conservation Of Matter

A fundamental principle of classical physics that states that matter cannot be created or destroyed in an isolated system.

Abstract Terms

Words that represent ideas, concepts, or qualities that are not directly linked to sensory experiences.

Perspective

The art of delineating solid objects on a two-dimensional surface to give the right impression of their height, width, depth, and position in relation to each other.

Imaginative Play

A form of play in which children use their imagination to create scenarios and roles, often involving make-believe.