All of the Following Items Are Included in Gross Income

question 110

Multiple Choice

All of the following items are included in gross income except

• A)alimony received.
• B)rent income.
• C)interest earned on a bank account.
• D)child support payments received.

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Definitions:

Interest Rate

The cost of borrowing money, typically expressed as an annual percentage of the principal amount.

Payments

Transactions that involve the transfer of money from one party to another, often in exchange for goods or services.

Mutual Fund

An investment vehicle that pools money from many investors to purchase a diversified portfolio of stocks, bonds, or other securities.

Deposit

A sum of money placed into a bank account or with a financial institution as a part of a transaction or for safekeeping.