Tax Collected Based on a Taxpayer's Spending Is Known As

question 51

Multiple Choice

Tax collected based on a taxpayer's spending is known as:

• A)​excise tax.
• B)​consumption tax.
• C)​gift tax.
• D)​income tax.

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Definitions:

Agency Relationship

A legal arrangement in which one party, the agent, is authorized to act on behalf of another party, the principal, in business transactions.

Legal Obligations

Duties imposed by law, requiring individuals or entities to conform to specific conduct or to abstain from certain actions.

Authority

The right or power assigned to an individual or organization to make decisions, give orders, and enforce rules.

Disclose Identity

The act of revealing or making known the identity of a person or entity, often in legal contexts where anonymity is protected until disclosure is required.