Question 1 Not yet answered Marked out of 1.00 P Flag question Question 2 Not yet answered Marked out of 100 Flag question The average tax rate calculated by determining how much tax is owed relative to total income. LIFO (Last In First Out) requires that the assumed cost of goods sold for a given product is the cost of the product that has been in inventory the longest. Select one: True O False Select one: True False Question 3 Not yet answered Marked out of 100 Flag question Question 4 Not yet answered Marked out of 1.00 Flag question A tax deduction reduces taxable income, whereas a tax credit directly reduces the amount of tax owed. Wages, salaries, tips, and bonuses constituent ordinary income. Select one: True Select one: True O False False Question 5 Not yet answered Marked out of 100 Flag question Question 10 Not yet answered Marked out of 100 Flag question According to your textbook, TOM stands for... The sales tax is a regressive tax. Select one: True Select one: 1. total quantity management 2. total quality management 3.temporary quality management False