Compared to Other States, Which Statement Regarding Revenue Sources for the State

question 55

Multiple Choice

Compared to other states, which statement regarding revenue sources for the state of Texas is true?

• A) Texas has low sales tax and low income tax.
• B) Texas has no income tax and low sales tax.
• C) Texas has high income tax and high sales tax.
• D) Texas has no sales but high property tax.
• E) Texas has no income tax but high sales tax.

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Definitions:

Unsecured Claims

Claims or debts in a bankruptcy that are not backed by any collateral and therefore rank lower in priority for repayment.

Bankruptcy Proceedings

The legal process through which individuals or businesses unable to pay their debts can seek relief from some or all of them under the jurisdiction of a bankruptcy court.

Twelve or More Creditors

A situation where an individual or entity owes debts to twelve or more separate creditors, often relevant in bankruptcy contexts.

Voluntary Petition

A legal document filed by an individual or business entity requesting to declare bankruptcy under their own will.