Which of the Following Statements Is False

question 112

Multiple Choice

Which of the following statements is false?

• A) Domestic income is the total income earned by the people and businesses within a country's borders.
• B) National income is the total income earned by U.S.citizens and businesses,no matter where they reside or are located.
• C) Corporate profits is the largest component of national income.
• D) National income = compensation of employees + proprietors' income + corporate profits + rental income + net interest.

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Definitions:

Office Supplies

Items used in offices for daily operations, such as stationery, paper clips, and staplers.

Accounts Receivable

The amount of money owed to a business by its customers for goods or services delivered but not yet paid for.

Accounts Payable

An accounting entry that represents a company's obligation to pay off a short-term debt to its creditors or suppliers.

Office Equipment

Tangible long-term assets used in the daily operations of an office, including computers, printers, desks, and chairs.