Which of the following statements regarding tax systems is false?
A. When designing a tax, governments try to identify tax bases that taxpayers can easily avoid or conceal.
B. A tax base is an item, occurrence, transaction, or activity with respect to which a tax is levied.
C. A single percentage that applies to the entire tax base is described as a flat rate.
D. With regard to tax systems, the term revenue refers to the total tax collected by the government.
Answer: A
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Sparkling Clean, Inc. is considering implementing a system that will pay its cleaning workers based on the number of completed residential jobs, coupled with satisfactory ratings on random inspections to ensure quality. This system is new to the organization, and it is an example of __________ change.
A. adaptive B. innovative C. familiar D. radically innovative E. highly complex
Suppose the Federal Reserve is considering the applications of four different banks to merge with other banks. Given the level of the new HHI and the change in the HHI shown below, in which case could the Fed challenge the merger?
A. New HHI = 1,900; change in HHI = 150 B. New HHI = 1,500; change in HHI = 400 C. New HHI = 1,200; change in HHI = 700 D. New HHI = 1,850; change in HHI = 250
In a common-sized income statement, 100% is the
a. net cost of goods sold b. net income c. gross profit d. sales
Several Work in Process Inventory accounts are used in a process costing system
Indicate whether the statement is true or false