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Foreign Expressions - 2
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Directions: Select the most appropriate meaning for the given Latin expression.
Ad valorem
AnswerClick to flip back
A
according to the value
💡 Explanation:
Ad valorem is a Latin phrase meaning 'according to value.' It is used primarily in taxation to describe taxes or fees calculated as a percentage of the value of goods, property, or transactions rather than as a fixed amount. Property taxes and import duties often use ad valorem rates.