Stores Need Not Accept Your Check but Must Accept Currency

question 2

Multiple Choice

Stores need not accept your check but must accept currency because

• A)currency is backed by gold.
• B)checks are not money but currency is.
• C)currency is legal tender;checks are not.
• D)currency is easier to handle.
• E)currency is a medium of exchange;checks are not.

Appreciate the ethical implications of marketing decisions.

Understand the concept of problem-solving and its significance in cognitive psychology.

Differentiate between prototypes and exemplars, and their roles in concept formation.

Comprehend the distinction between natural and formal concepts.

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Definitions:

Federal Personal Income Tax

A tax levied by the federal government of the United States on the income of individuals, including wages, salaries, and investment incomes.

Marginal Tax Rate

The rate at which an additional dollar of income is taxed, showing the percentage of tax applied to your next dollar of taxable income.

Average Tax Rate

Total tax paid divided by total taxable income or some other base (such as total income) against which to compare the amount of tax paid. Expressed as a percentage.

Progressive Tax

At the individual level, a tax whose average tax rate increases as the taxpayer’s income increases. At the national level, a tax for which the average tax rate (= tax revenue/GDP) rises with GDP.