This statement is false.
The company can adjust the records to update the account balances to show a true and fair view of the financial records even before closing its books and can update the records when and where required so as to have a true picture of the ledgers. It is not required to post adjusting entries after closing books only.
What are financial statements?A financial statement (or financial reports) is the formal record of the financial activities and status of a company, person, or other entity.
Relevant financial information is presented in a structured, easy-to-understand format. These typically include four basic financial reports with management discussion and analysis.
A balance sheet or balance sheet reports a company's assets, liabilities, and equity at a particular point in time.Income Statement, or Income Statement (P&L) Statement, Comprehensive Income Statement, or Income Statement, reports a company's revenues, expenses, and profits for a specified period. The income statement provides information about the company's operations. This includes sales and miscellaneous expenses incurred during the specified period.A statement of changes in equity, statement of changes in equity, or statement of retained earnings reports changes in a company's equity over a period of time.A cash flow statement reports a company's cash flow activities, specifically, its operating, investing, and financing activities over a period of time.The statement of comprehensive income includes other comprehensive income items that are not included in determining net income.To learn more about financial statements, visit:
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true or false: the principle of customization is applicable to both service and manufacturing companies.
Answer: true
Explanation:
"The principle of customization is applicable to both service and manufacturing companies". The statement is true.
What do you mean by manufacturing company?Any company that uses components, parts, or raw materials to create finished goods is considered to be in the manufacturing industry.
These finished products may be sold to consumers directly or to other manufacturers who will use them to create a different product.
Large-scale production of goods using manual labor and/or machines to transform raw materials, parts, and components into finished goods is referred to as manufacturing.
Therefore, The statement is true. The "customization principle" is relevant to both manufacturing and service industries.
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alice finds she no longer is able to pay premiums on her $50,000 whole life policy, but needs that amount of protection for her family. which nonforfeiture option provides this protection?
Alice finds she no longer is able to pay premiums on her $50,000 whole life policy, but needs that amount of protection for her family. Extended term nonforfeiture option provides this protection.
Certain life insurance plans contain a non-forfeiture option (or clause) that states the policyholder will not lose the value of the policy if the policy lapses after a predetermined time owing to missed premium payments.
For instance, if you get an insurance when you're 20 and pay until you're 55, you'll have a term coverage that lasts for less than 35 years. Or you would receive a term policy with a shorter duration if you were 35 years old when you bought your policy and paid until you were 45 years old.
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you need to buy a car and are considering loans from two banks. bank 1 offers a loan at 7% interest plus an application fee, and bank 2 offers a loan at 7.5% interest plus an application fee. the loan terms are otherwise identical. based on this information, you can conclude that...
From the above information, it can be concluded that Without knowing the application fees, it is impossible to say which bargain is better.
What are application fees?An application fee is money paid to a property owner in order for them to determine eligibility to rent an apartment. Application fees may appear to be a ploy to extract every last penny from tenants, but they serve a function and are rather frequent.
In the above scenario, first bank offers a loan at 7% and second bank offers a loan at 7.5% and both have added the application fees. There is no way to tell which bargain is better without learning the application fees.
Therefore, it can be concluded that application fees amount is necessary to know.
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When amazon says, "we want to be earth’s most customer-centric company," it is stating its code of ethics. True or false?.
Answer:
false
Explanation:
they lyin broski
A decrease in the price of a complementary good will cause its complement’s equilibrium price to ______________ and the equilibrium quantity to ______________.
A decrease in the price of a complementary good will cause its complement’s equilibrium price to decrease and the equilibrium quantity to decrease.
Complementary goods are those that are ingested together. Substitutes are goods that can be consumed in place of the original. Prices of complementary or substitute goods also cause the demand curve to shift. When the price of a complementary good falls, the quantity demanded of one rise and the demand for the other rises. When the price of a substitute good falls, the quantity demanded for that good rises, but the demand for the good for which it is substituted falls.
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ld sustained a spinal cord injury (sci) at the t-11 level resulting from a car accident. before his injury he worked as a service manager at a car dealership. he would like to return to this job. what type of vocational evaluation would provide the most information to help him return to his previous job?
A Vocational interview can provide the most information to help return to previous job. a vocational expert collects information affecting the client’s employability. The questions are related work and life experiences, medical information length of absence from the workforce.
Having spinal code injury at level -11 and if you are willing to return your job position ,you have to consult a vocational expert. A vocational expert (VE) is a person hired by the insurance company to determine what kind of work you are capable of doing. and if your are capable to continue your job as service manager you can continue that job role .
Spinal cord injury (SCI) can create obstacle to get and maintaining employment, as indicated by unemployment rates that can exceed 80% for persons with more severe injuries. People with SCI can do work even those who have the most severe physical impairment.
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durham parts (dp) makes a variety of products. it is organized in two divisions, eastern and western. the managers for each division are paid, in part, based on the financial performance of their divisions. the western division normally sells to outside customers but, on occasion, also sells to the eastern division. when it does, corporate policy states that the price must be cost plus 25 percent to ensure a "fair" return to the selling division. western received an order from eastern for 1,200 units. western’s planned output for the year had been 4,800 units before eastern’s order. western’s capacity is 6,000 units per year. the costs for producing those 4,800 units follow.
From the information provided, the unit cost that the Eastern Division should pay is $187.50.
What is the computation for that?
The South Division manager would like the North Division manager to pay the whole cost Plus 20%
= $ 150 x 25%
= $ 187.50.
As the manager of the Eastern Division, the unit cost one should argue to pay is:Per unit cost ( plus 25%)
$112.50
Because the total fixed costs stay constant regardless of output up to 6,000 units, and because they are already recovered from South Division's regular outside sales, North Division believes that a reasonable transfer price would be
$(50 + 24 + 16) x 125%
= $ 112.50.
What unit cost would you recommend for a sale of units from the Western Division to the Eastern Division?
The unit cost recommended to be charged the Eastern Division is:
$112.5
This is because the rule is reformulated to specify that the transfer price should not be larger than the receiving division's net marginal revenue, where net marginal revenue equals marginal revenue less own marginal costs.
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Full Question:
Durham Parts (DP) makes a variety of products. It is organized in two divisions, Eastern and Western. The managers for each division are paid, in part, based on the financial performance of their divisions. The Western Division normally sells to outside customers but, on occasion, also sells to the Eastern Division. When it does, corporate policy states that the price must be cost plus 25 percent to ensure a "fair" return to the selling division. Western received an order from Eastern for 1,200 units. Western's planned output for the year had been 4,800 units before Eastern's order. Western's capacity is 6,000 units per year. The costs for producing those 4,800 units follow. Per Unit Materials Total $ 240,000 $ 50 Direct labor 24 Other costs varying with output 115,200 76,800 288,000 16 60 Fixed costs (do not vary with output) Totals $ 720,000 $ 150 Required:
a. If you are the manager of the Western Division, what unit cost would you ask the Eastern Division to pay?
b. If you are the manager of the Eastern Division, what unit cost would you argue you should pay?
c. What unit cost would you recommend for a sale of units from the Western Division to the Eastern Division?
caliana manages the warehouse for united processors inc. at the beginning of each year, she determines the department goals for the next 12 months. which of the four management functions is she performing when she sets these goals? multiple choice question.
Planning is one of the four management functions that Caliana is performing when she sets these goal.
What is management goal?This is a term used to refer to the line of actions or programs that engages employees to enable them achieve a stated aim. the fuctions of management goal is as stated in the options
However we can conclude that Planning is one of the four management functions that Caliana is performing when she sets these goal.
complete question
Caliana manages the warehouse for United Processors Inc. At the beginning of each year, she determines the department goals for the next 12 months. Which of the four management functions is she performing when she sets these goals?
Leading
Planning
Organizing
Controlling
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sheila and joe wells are married with no dependent children. during 2022, they have gross income of $159,800, deductions for agi of $5,500, and itemized deductions of $10,000. the wells' had $22,000 withheld by their employer for federal income tax. they have a tax (due/refund) of $ .
You can choose to itemize your deductions or take the standard deduction when you submit a federal income tax return. The decision you make should be based on the approach that will maximize your tax benefits. Your estimates may also have changed since the Tax Cuts and Jobs Act, signed into law by President Donald Trump in 2017, was passed. Who should itemize under the new tax proposal is shown below. An effective tax strategy for your financial objectives and goals can be achieved with the assistance of a financial counselor.
President Trump and House Republicans collaborated in 2017 to put up a tax reform that would streamline the tax code. On Nov. 2, 2017, they introduced their eagerly anticipated tax law, the Tax Cuts and Jobs Act (TCJA). The measure proposed for significant revisions to the existing tax code.
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jackson manufacturing does not recognize revenue for unshipped merchandise even though the merchandise has been manufactured according to customer specifications.
Realization is a term used in Western psychology, philosophy, and spirituality. and Indian religion.
According to the Western understanding, it is the realization of one's character or personality potential" (see also self-actualization). Realization, according to Indian understanding, is the emancipatory realization of the true self, as the consciousness of the eternal immortal witness, which is the Atman, or as the absence of such an eternal self.
A realization relationship is a relationship between two model elements in which one model element (customer) realizes the behavior specified by another model element (supplier). Multiple clients can implement the behavior of a single provider.
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At the constitutional convention of 1787, disagreements arose between states with large populations and those with small populations. How was this conflict resolved?.
A strong central government was supported by some states while opposed by others. Small states desired equal representation in Congress with larger ones, but large states believed they should have more representation. The Great Compromise was a compromise that established two houses of Congress to ensure that both major and small states were fairly represented. Each state would be given seats in the House of Representatives in accordance to the size of its population. Regardless of size, every state would have two delegates in the Senate.
The mechanism of representation in the legislative branch was resolved by the Great Compromise. Large states preferred representation based on population, whereas small states preferred equal representation like equality by state and equality by vote. According to the agreement, the Senate had equal representation for each state. A bicameral Congress would consist of two national legislatures in accordance with the Great Compromise.
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According to our fip lecture and the slides from dr. Matt mars, what term is used to describe development and implementation for advancing innovative solutions to economic, environmental, social, and/or technological problems or opportunities?.
Entrepreneurial Leadership is used to describe development and implementation
An entrepreneur is a person who chooses to accept the risk of founding a new business. Entrepreneurship is the process of combining labor and capital to generate goods or services for a profit. The risk of doing something novel is taken on by entrepreneurs. Entrepreneurship is defined as the act of starting and running a new firm while taking calculated risks in the corporate world. In other words, it has to do with your ability to plan and arrange. They encourage new employment by developing new goods and services, which eventually accelerates economic growth. As a result, it is essential to implement governmental policies that support and promote entrepreneurship.
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Which is a feature of debit cards?
a. They provide direct access to your checking account.
b. They are the most secure form of payment.
c. They are a primary component of your credit score.
d. They can be used to pay off large purchases over time.
a. they provide direct access to your checking account
if the two countries specialize and only produce the good in which they have a comparative advantage, what is the maximum combination of potatoes and sausages they can produce together
If the two countries specialize and only produce the good in which they have a comparative advantage, 500 tons of potatoes and 200 tons of sausages.
What is produce?
Produce, which includes fruits and vegetables, is a catch-all phrase for a variety of farm-produced commodities (grains, oats, etc. are also sometimes considered produce). More specifically, the use of the word "produce" often denotes that the goods are in their original, freshest form.The phrase is also used to describe the area of a supermarket where the produce is kept. Farmers' markets and greengrocers mostly sell produce in the UK and Australia. The phrase is frequently used outside of the agricultural sector in the U.S. and Canada, but it is not frequently used in other English-speaking nations.Produce is marked with tiny stickers that have price look-up codes in some countries, including the US.
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select 3 goals or objectives that a leadership plan might include to achieve a solid business strategy.
In order to achieve solid business strategy in the leadership plan, the three goals the leadership plan includes are attracting new customers, increasing revenue, and decreasing cost price.
The three main goals in order to achieve solid business strategy in the leadership plan are targeting and attracting new customers, decreasing the cost price of goods or services being offered, and increasing the revenue.
The detail of these goals is given below:
Attracting new customers is considered an important leadership goal as it increases market share and promotes competition with other brands. New customers are important in terms of sales. It is needed for a business to grow.Increasing revenue It is considered an important leadership goal because the basic purpose of every business is to earn profit. More growth means more profit. If an organization will be able to increase its revenue it will be able to maximize its profit.Decreasing cost price It is considered an important leadership objective because if the sale remains same then the company will earn more profit. The cost is linked directly with profitability. More profit means more growth of the company.Therefore attracting new customers, increasing sales of product and services offered and decreasing cost are considered three goals that a leadership plan must include to achieve business strategy.
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when auditing merchandise inventory at year-end, the auditor performs audit procedures to ensure that all goods purchased before year-end are received before the physical inventory count. this audit procedure provides assurance about which management assertion?
The audit procedure provides assurance of the Cutoff management assertion.
The definition of an audit is the technique of assessment or analysis of something to decide its accuracy or protection or is the report that pronounces the result of such analysis or evaluation. An example of an audit is a dean analyzing your credits to determine your eligibility for graduation.
Although each audit method is particular, the audit procedure is comparable for most engagements and typically consists of 4 ranges: planning (every now and then known as Survey or preliminary overview), Fieldwork, Audit document, and follow-up overview. client involvement is crucial at each level of the audit process.
An internal audit tick list is the particular commands or recommendations utilized by auditors to test an employer's monetary information, operational facts, or IT systems, applications, processes, and protection.
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blake wanted to offer high-quality meals in his restaurant. his motto was "the best darn meat and potatoes for miles around." the locals agreed that the food was good. they also agreed that if you decided to eat there, be prepared to wait. food preparation and service were slow. although blake’s motto stated the business’s competitive advantage, your accurate advice to blake would be
In his restaurant, Blake aimed to serve food of the highest calibre. "The best darn beef and potatoes for miles around," was his catchphrase. The locals pronounced the meal to be excellent. Although blake’s motto stated the business’s competitive advantage, the accurate advice to blake would be:
They also concurred that you should plan on waiting if you chose to eat there. Service and food preparation were both slow. The winning competitive advantage is one that addresses quality and service, despite the fact that Blake's tagline indicated the company's competitive edge.
From the viewpoint of its customers, a company's competitive edge is what distinguishes it from its rivals. These benefits enable a business to attain and maintain stronger profitability, a better growth profile, or increased customer loyalty. The term "protective moat" is frequently used to describe a competitive advantage.
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what are the basic differences amoung single product startegy, a startgey based on relate diversification, and a one based on unrealted diversification
It is wiser to diversify your business in a way that is relevant to your current business than to do it in a way that is unrelated (entering a new industry that lacks such similarities).
single-product approach
a business approach where it only offers one product, or one product version with a limited number of possibilities. Because of the considerable risks, few businesses or organizations choose to employ this tactic (if the single product fails). A Dictionary of Business and Management, single-product strategy.
This tactic is employed to boost sales linked with an existing product line and is particularly helpful for a company whose sales have been stagnant or dropping.
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you invest $1,400 today and expect to sell your investment for $3,200 in 10 years. a-1. calculate the present value of the future payoff if the interest rate is 8%. note: do not round intermediate calculations. round your answer to 2 decimal places. a-2. is this a good deal? b-1. calculate the present value if the interest rate is 11%. note: do not round intermediate calculations. round your answer to 2 decimal places. b-2. is this a good deal?
This is a good deal as present value at the given rate was more compared to investment.
Given:
[tex][tex]Present\;value,\;PV=\$1400[/tex][/tex]
[tex][tex]number\;of\;years,\;t=10\;years[/tex][/tex]
We know that,
[tex][tex]Future\;value,\;FV=\frac{PV}{(1+(\frac{i}{n}))^{(n \times t)}}[/tex][tex][/tex]
Let assume number of compounding period per year,
n=1
[tex][/tex](a-1)[tex]Interest\;rate,\;i=8\;\%[/tex][tex]\\[/tex]
Future value, FV=[tex]\frac{1400}{(1+(\frac{8\%}{1}))^{(1 \times 10)}}[/tex][tex]FV = \$\;1482.22[/tex](a-2)[/tex]
This is a good deal as present value at the given rate was more compared to investment.
(b-1)[tex][tex]Interest\;rate,\;i=11\;\%[/tex][tex]Future\;value,\;FV=\frac{1400}{(1+(\frac{11\%}{1}))^{(1 \times 10)}}[/tex][tex]FV = \$\;1126.99[/tex][/tex](b-2)
This is a good deal as present value at the given rate was less compared to investment.
Explain Investment?Investments are defined as assets bought or invested in with the goal of increasing wealth and setting aside funds from salary or capital gains. The main purpose of an investment is to create an additional source of income or to generate a profit over a certain amount of time.
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14) the following information is available for a company's utility cost for operating its machines over the last four months. month machine hours utility cost january 900 $ 5,450 february 1,800 $ 6,900 march 2,400 $ 8,100 april 600 $ 3,600 using the high-low method, the estimated variable cost per machine hour for utilities is: a) $3.38. b) $6.00. c) $2.50. d) $4.22. e) $6.17.
Variable cost per unit 2.50 =4800/2000
The estimated variable cost per machine hour for utilities is: c) $2.50.
A machine is a bodily gadget using electricity to use forces and manage motion to perform an action. The time period is typically carried out to artificial gadgets, inclusive of the ones employing engines or automobiles, but also to herbal organic macromolecules, which include molecular machines.
A machine together with interrelated parts with separate capabilities, used in the overall performance of a few kind of work: a sewing gadget. mechanical equipment or contrivance; mechanism. Mechanics.
A machine is an aspect this is created by way of humans to make paintings easier. it is a tool or invention which multiplies the impact of human effort. The system produces a mechanical advantage.
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16) margin company has total fixed costs of $360,000 and variable costs of $14 per unit. if the unit sales price is reduced from $24 to $20 and advertising is increased by $10,000, sales will increase from 40,000 to 65,000 units. should margin reduce its per unit sales price and pay for the additional advertising? (support your answer with calculations.)
The total cost per unit will decrease.
The total cost per unit will be decreased when more number of units are produced.
Firstly ,we calculate fixed cost per unit.
Fixed cost per unit = Fixed costs/ New sales produced.
Cost per unit when company has 3600unit of sales= 14700$/3600= 41$cost per unit.
If the company, doubles his sales then the cost per unit is calculated as Fixed cost/No.of sales.
Cost per unit = 131,200$/ 7200
= 18.22$ cost per unit.
So, the total cost per unit is calculated as 42.00$+ 18.22$= 59.22$.
Fixed costs are independent of output, therefore regardless of shifts in production volume, the dollar amount incurred is roughly constant. The recurring occurrence of a company's fixed costs results in a predetermined timetable and dollar amount associated with each cost.
Fixed costs are far more predictable and simpler to prepare for in advance because they must be met regardless of how well sales perform and how much is produced. There is little to no link between production output and total fixed costs, in contrast to variable costs, which fluctuate based on output.
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ralph leases 1,000 square feet in a large warehouse. the lease agreement requires him to pay portions of the landlord's taxes, insurance, and maintenance, in addition to the amount he pays to lease the space. what type of lease does ralph have?
A sizable warehouse that Ralph rents out has 1,000 square feet. In addition to the amount he pays to lease the space, the lease requires him to contribute to the landlord's taxes, insurance, and maintenance costs. Ralph has Three-year net lease.
What is a lease example?
the length of the contract's term or duration. To lease anything is to provide someone a lease on it or to consent to renting someone else's property. When you rent out your apartment to a tenant, that is an example of a lease. When you choose to rent an apartment to live in, that is an instance of a lease.
A Net Lease:
What Is It?
The phrase "net lease" describes a legal arrangement in which, in addition to the rent, the lessee also pays some or all of the property's taxes, insurance premiums, and upkeep expenses. The commercial real estate industry frequently employs net leases.
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you were the hiring manager for a new position that opened up at your organization. after sifting through nearly fifty resumes, you chose to interview one outside candidate and one internal candidate named joe. both had similar experiences and educational backgrounds, but you ultimately made a job offer to the external candidate due to the fact that she seemed to have more creative ideas about how the department could handle current issues, whereas joe seemed to have little to offer. email joe explaining that he did not get the job, and offer him constructive criticism.
Subject: Application status for the post of senior associate
Dear Joe,
I thank you for applying for the post of Senior Associate here at ABC Company. Meeting you and learning about your credentials and expertise was a joy. I regret to notify you through email that you were unsuccessful in getting the position. We would want to take this opportunity to wish you well in your job hunt even if we are moving on with other applications. We wish you luck for your coming future.
Sincerely
XYZ
Hiring Manager at ABC company
What is meant by constructive criticism?Constructive criticism is straightforward, truthful, and simple to apply. It offers concrete illustrations and solutions for effective positive transformation. This kind of criticism also identifies areas where the receiver may enhance their conduct to reduce potential issues in the future.
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One characteristic of market structures is the easy of entry of new sellers.
True or False
I think it is true i'm like 80% sure
consumers now have easy access to internet shopping because of smartphones. technology has caused demand to become more for goods you can purchase at stores like barnes and noble and best buy. this is because the cost of getting price information from other retailers is now . to stay competitive, best buy uses a strategy called where they offer to sell items at competitor prices.
Consumers now have easy access to internet shopping because of smartphones. technology has caused demand to become more elastic for goods you can purchase at stores like barnes and noble and best buy. this is because the cost of getting price information from other retailers is now lower. to stay competitive, best buy uses a strategy called price matching where they offer to sell items at competitor prices.
How has the product become elastic?The elasticity of the products would come into play given that the substitute of this product has been said to be much in the market and there is the convenience of home delivery for the people that use the product.
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Globalization is selecting for interpersonal competencies, including the ability to think and work with others coming from very different racial, linguistic, religious, and cultural backgrounds. True or false?.
Interpersonal skills, such as the capacity to think and work with people from extremely varied racial, linguistic, religious, and cultural backgrounds, are being prioritized by globalization. The assertion is accurate.
Why is it crucial to have interpersonal skills?In both your personal and professional lives, effective interpersonal skills include the ability to communicate with and work with both individuals and groups. Strong interpersonal skills are often possessed by high relationship-builders and team players. They are familiar with their family members, close friends, co-workers, and customers.
Interpersonal competence: What is it?The interpersonal competency domain places a focus on students' capacity for forming connections with one another and the broader community. Competence in this area includes the ability to collaborate and interrelate with others, as well as the ability to create and maintain healthy relationships with others.
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What do you think the well known talk show personality was that started the craze to have tickle me elmo for christmas?
I think the well-known talk show personality that started the craze to have to tickle me, Elmo, for Christmas has a huge increase in demand for the one which is a previously unheralded toy.
Whenever a well-known personality talk show showed Tickle Me, Elmo, on her show where she considered it to be a cute Christmas gift, it might cause an elevated increase in demand so as for the toy which is previously unheralded. The suppliers who are not able to know this would actually become the case and so probably had ordered some of the modest amounts of the particular plush toy, as they do not want to get stuck with a large type of inventory which is usually after a Christmas selling season.
The red muppet whose first name is “Baby Monster” in 1979 tends to remain as a background character until the year 1984. That is happening when a new or deep-voiced puppeteer who is named Kevin Clash picked up him and put on the now-called famous falsetto as well as transformed Elmo's character into the most popular character ever in the show.
The promotion of the show was helped by Rosie O'Donnell who showed the toy on her wide popular TV show happened in early October. O'Donnell's special "surprise plug" was most probably shown too early to create the most unexpected demand for the character of Elmo, it depicts to be the resulting shortages undergoing in stores in case of selling products that happened two months late nearly.
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harry is trying to take one more class this semester. he is weighing the marginal benefit of taking one more class to the marginal cost of taking one more class. which economic concept is most closely related to harry's decision-making process? question 1 options: macroeconomics exchange rationing devices decisions made at the margin
The economic concept that is most related to Harry's style of decision-making is decision at the margin.
What is "decision at the margin"?When we make decisions at the margin, it means that we are considering the marginal aspects of the decision.
In clearer terms, we are considering things like how much the one additional unit of something will cost us, as well as what we stand to benefit from the additional unit like Harry is doing.
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if you invest $25,000 at 6% interest, how much will you have in 14 years? use appendix a to calculate the answer.
= 25,000 x (1+0.06)^14
=56,522.5989
Hence, 56,522.5989 is the amount in 14 years.
What is interest?
The preset sum that a borrower or line of credit commercial bank pays to a lender or bondholder other than the principal amount is known as interest in the study of finance and economics. In contrast to any costs the borrower would have to pay the lenders or another party, this is not a fee. Nominal, effective, and bond yields are the three primary categories of interest rates. The declared rate upon which payments are computed is known as the method is recommendable on an investment or loan.
Therefore,
If you invest $25,000 at 6% interest, how much will you have in 14 years? use appendix a to calculate the answer.
= 25,000 x (1+0.06)^14
=56,522.5989
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Which type of tax is income tax?
O A. Digressive
OB. Regressive
OC. Progressive
OD. Permissive
Answer:
She is right OC. Progressive
Income tax is a progressive type of tax. The correct option is C.
Why is an indirect tax called regressive?For each and every income level, the rates are the same. A tax that is imposed on all individuals, regardless of income level, is known as a regressive tax since it equalizes payments between low and high earners. Low-income individuals are more negatively impacted by this type of tax than are individuals with high incomes.
This means that the tax rate increases as the income of the taxpayer increases. In other words, people who earn more money pay a higher percentage of their income in taxes than those who earn less. The goal of a progressive tax system is to distribute the tax burden fairly, with those who have more resources paying a larger share of the overall tax revenue.
Thus, the ideal selection is option C.
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