Question : Which of the following is a common source of revenue for state governments in the United States?
Option 1: Property taxes
Option 2: Sales taxes
Option 3: Income taxes
Option 4: All of the above
Correct Answer: All of the above
Solution : The correct answer is (d) All of the above.
State governments in the United States commonly generate revenue from a variety of sources, including property taxes, sales taxes, and income taxes. Let's look at each option:
(a) Property taxes: Property taxes are levied on real estate and personal property owned by individuals and businesses within a state. These taxes contribute to the revenue of state governments.
(b) Sales taxes: Sales taxes are imposed on the sale of goods and services. State governments often levy sales taxes on retail purchases made within their jurisdiction, generating revenue for their budgets.
(c) Income taxes: State governments have the authority to impose income taxes on individuals and businesses. Income taxes are levied based on the income earned by individuals or the profits of businesses operating within the state.
Therefore, all three options—property taxes, sales taxes, and income taxes—are common sources of revenue for state governments in the United States. Hence, the correct answer is (d) All of the above.
Question : The federal government generates revenue primarily through:
Option 1: Sales taxes
Option 2: Property taxes
Question : What is the main source of revenue for most governments?
Option 1: Personal income taxes
Option 2: Corporate income taxes
Option 3: Sales taxes
Option 4: Property taxes
Question : What is the primary source of revenue for the federal government in the United States?
Option 1: Income tax
Option 2: Sales tax
Option 3: Property tax
Option 4: Estate tax
Question : What is the primary source of revenue for most governments?
Option 4: Corporate tax
Question : Which two superpowers were primarily involved in the Cold War?
Option 1: United States and China
Option 2: Soviet Union and United Kingdom
Option 3: United States and Soviet Union
Option 4: France and Germany
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile