Personal Income Equals

question 45

Multiple Choice

Personal income equals:

• A) net national product plus income earned but not received plus income received but not earned.
• B) wages and salaries plus net interest income plus transfer payments.
• C) national income minus income earned but not received plus income received but not earned.
• D) factor incomes received for supplying factors of production plus income received but not earned.

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Definitions:

Bailee

A person or entity that has been entrusted with temporary possession, but not ownership, of personal property by another, known as the bailor.

Commercial Aircraft

Airplanes designated for carrying passengers or goods, operated by airlines or cargo carriers, as opposed to military or private aircraft.

Flight Attendant

An airline employee responsible for ensuring the safety, comfort, and service to passengers aboard flights.

Bailment for Reward

A legal relationship that involves the temporary transfer of personal property to another for a specified fee or reward.