Which One of the Following Items Is Not Considered Gross

question 64

Multiple Choice

Which one of the following items is not considered gross income for tax purposes?

• A)gambling winnings
• B)illegal income
• C)face amount of life insurance received due to the death of the insured
• D)cash dividends

Recognize the advantages and techniques of behavior therapy.

Identify different cognitive and behavioral therapies and their target issues.

Analyze the role of cognitive distortions in psychological distress and their rectification through therapy.

Grasp the concept of reinforcement and its application in therapy, such as token economies.

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Definitions:

Operating Income

Profit generated from a company's regular business operations, excluding expenses like taxes and interest.

Contribution Margin

The amount of revenue remaining after deducting variable costs, which can be used to cover fixed costs and contribute to profit.

Fixed Costs

Expenses that do not change with the level of output or sales over a short period, such as rent, salaries, and insurance.

Variable Costing

An accounting method that only assigns variable costs to inventory, with fixed manufacturing overhead expenses charged to expense as incurred.