Federal Excise Tax Is No Longer Imposed on Wagering

question 87

True/False

Federal excise tax is no longer imposed on wagering.

---

Definitions:

Administrative Expenses

Overheads and expenses associated with the general operation of a business.

Client-Visits

Refers to the occasions on which a service provider or salesperson visits clients at their location to build relationships, offer support, or close sales.

Planning Budget

A budget designed for a particular level of activity, often used for planning and forecasting purposes.

Direct Labor

Factory labor costs that can be easily traced to individual units of product. Also called touch labor.