INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Taxes are sources of income
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Taxes are optional payments you make to state and local governments
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Taxes are refunds you receive for overpayment
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Taxes are mandatory payments you make to state and local governments
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Detailed explanation-1: -What Are Taxes? Taxes are mandatory contributions levied on individuals or corporations by a government entity-whether local, regional, or national. Tax revenues finance government activities, including public works and services such as roads and schools, or programs such as Social Security and Medicare.
Detailed explanation-2: -State and local governments collect tax revenues from three primary sources: income, sales, and property taxes.
Detailed explanation-3: -A tax is a mandatory fee or financial charge levied by any government on an individual or an organization to collect revenue for public works providing the best facilities and infrastructure.
Detailed explanation-4: -Income Tax: This is the tax that is levied on the annual income or the profits which is directly paid to the government. Everyone who earns any kind of income is liable to pay income tax. There are different tax slabs for different income amounts.
Detailed explanation-5: -What do state and local governments spend money on? State and local governments spend most of their resources on education and health care programs. In 2020, about one-third of state and local spending went toward combined elementary and secondary education (21 percent) and higher education (9 percent).