The USFederal Government Collects Taxes in a Number of Ways

question 11

Multiple Choice

The U.S.federal government collects taxes in a number of ways.Rank the following sources of revenue from the largest to the smallest.

• A)corporate income taxes,individual income taxes,social insurance taxes
• B)social insurance taxes,individual income taxes,corporate income taxes
• C)individual income taxes,social insurance taxes,corporate income taxes
• D)individual income taxes,corporate income taxes,social insurance taxes

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Definitions:

Consumer Price Index

An indicator that calculates the weighted mean of the cost of a collection of consumer products and services, including transportation, food, and healthcare, employed to gauge inflation rates.

Inflation Rate

The enhancement of the overall price tag of goods and services in an economy throughout a specific period.

Consumer Price Index

A statistical estimate that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care, calculated by taking price changes for each item in the predetermined basket of goods and averaging them.

Inflation Rate

The percentage increase in the price level of goods and services in an economy over a period of time, indicating the rate at which purchasing power is eroding.