Which of the Following Accounts for the Largest Source of Revenue

question 30

Multiple Choice

Which of the following accounts for the largest source of revenue for the federal government?

• A)sales tax
• B)federal property tax
• C)personal income tax
• D)corporate income tax
• E)borrowing

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Definitions:

Compete

To engage in an effort to win or achieve something, such as business or market share, by excelling over others.

Reimbursed

To be reimbursed means to receive repayment for money that has been spent or lost, usually as a result of conducting business or performing tasks on behalf of another.

Apparent Authority

A situation where a person appears to have been given the power to act on behalf of another, even if no actual authority was granted.

Undisclosed Principal

A principal whose identity is concealed from the third parties with whom the agent is dealing; the rights and obligations of the parties depend on whether the agent makes it clear that she is representing an undisclosed principal rather than operating on her own behalf.