According to the Benefits-Received Principle of Taxation

question 120

Multiple Choice

According to the benefits-received principle of taxation

• A)individuals who receive the benefits from a government program should pay the taxes that support the program.
• B)because high-income individuals receive the most benefits from government programs, they should pay more taxes than lower-income individuals.
• C)people in the same economic situation should bear an equal share of the tax burden.
• D)the benefits of government programs such as national defense are shared equally by all people; therefore, the burden of paying for these programs should be shared equally.

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Definitions:

Principal Products

The main or most significant products manufactured or offered by a company, often the primary source of its revenue.

Job Order Cost System

An accounting system that accumulates costs by specific jobs, used in situations where goods or services are produced upon receipt of a customer order.

Cost Of Production Report

A detailed report that outlines the costs associated with the production of goods, including direct materials, direct labor, and overhead.

Job Cost Cards

Documents used to record and track the costs associated with a specific job or project, including materials, labor, and overhead.