The federal income tax is consistent with the __________ principle of taxation, whereas an excise tax on sporting event tickets is consistent with the ___________ principle of taxation.

A) benefits-received; ability-to-pay
B) benefits-received; pay-as-you-go
C) ability-to-pay; benefits-received
D) ability-to-pay; pay-as-you-go

The balance sheet shows the company's financial position as of a particular date.

Making use of a _____ enables us to examine our time effectiveness in an ongoing process.