In 2011,which Category Represented the Largest Source of Receipts for the U.S.federal

question 103

Multiple Choice

In 2011,which category represented the largest source of receipts for the U.S.federal government?

• A)Medicare
• B)Social Security
• C)corporate income taxes
• D)individual income taxes

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Definitions:

Accounts Receivable

Money owed to a company by its debtors for goods or services that have been delivered or used but not yet paid for.

Purchases

Merchandise for resale. It is a cost.

Departmental Gross Profit

The profit made by individual departments within a company, calculated by subtracting the cost of goods sold from the sales revenue generated by each department.

Revenue

Income generated from normal business operations and includes discounts and deductions for returned merchandise.