Of the Following,the Largest Source of Revenue for the Federal

question 200

Multiple Choice

Of the following,the largest source of revenue for the federal government is the

• A) personal income tax.
• B) transfers from state and local governments.
• C) corporation income tax.
• D) lottery.
• E) revenue from the sale of public lands.

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Definitions:

Interest Due

The amount of interest that has been incurred on a loan or debt but has not yet been paid.

Maturity

The date on which a loan or bond comes due and the principal must be repaid or the date upon which an investment reaches its full value.

Adjusting Entry

An accounting entry made at the end of a period to allocate income and expenditure to the correct accounting period.

Net Realizable Value

The estimated selling price of goods minus the cost of their sale or disposal, reflecting the net cash inflow that would be received if the goods were sold.