Which financial statement would be most useful for determining what the firm owns and what money it owes to others?

Group of answer choices:

Income Statement

Balance Sheet

Statement of Cash Flows

Statement of Retained Earnings

Which profit measure would be most useful if you want to determine GAAP profits?

Group of answer choices

Net Income Operating Income

Operating Cash Flows

Free Cash Flows

Studies have shown that low income residents of New Jersey spend a higher proportion of their income on NJ's gas tax. Thus, New Jersey's gas tax is an example of a:

Group of answer choices

Progressive Tax

Flat Tax

Regressive Tax

Optional Tax