EFFECTIVE TAX RATE Definition

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EFFECTIVE TAX RATE is the net rate a taxpayer pays on income that includes all forms of taxes. It is calculated by dividing the total tax paid by taxable income.

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OPTIMISM is a general disposition to expect the best in all things.

AUCTION MARKET is a trading system in which buyers enter competitive bids and sellers enter competitive offers simultaneously. This, as opposed to the over-the-counter market, where trades are negotiated. Examples: the NYSE and the AMEX. It is sometimes called double auction market.

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