Technical Terms Flashcards
The most outstanding machine.
Human mind.
The ability to develop an original idea.
Creativity
The introduction of a new idea or method in an already existing product or concept.
Innovation
The product of Creativity.
Computer
The product of Innovation.
Laptop
A person who uses the services of another person in business, trade, and industry.
Employer
The imposition of compulsory levies on persons and other entities by the government.
Taxation
a tax levied on the wages, salaries, dividends, interest, and other income a person earns throughout the year.
Individual Income Tax
A net worth tax imposes taxes on the stock of wealth regardless of the returns.
Taxes on Net Worth
A tax on the right of the deceased person to transmit his/her estate to his/her lawful heirs and beneficiaries at the time of death.
Taxes at Death
a tax that is levied upon goods and services before they reach the customer who ultimately pays the indirect tax as a part of market price of the good or service purchased.
Indirect Taxes
the tax is a percentage of the product or service that is added at the point of sale and paid for by the customer.
General Sales Tax
A duty TAX on manufactured goods that normally levied at the moment of manufacture for internal consumption rather than at sale.
Excises
a tax based on the assessed value of an item, such as real estate or personal property.
Ad Valorem Taxes
The Latin phrase ad valorem means
“according to value.”
