Which of the Following Items Will Result in an Increase

question 100

Multiple Choice

Which of the following items will result in an increase in gross income?

• A)Receipt of a $10,000 check from the bank.The check is for a student loan.
• B)Receiving a $10,000 award from a university for high grades and high SAT scores.The award is used to pay tuition.
• C)preparing a mechanic's tax return in exchange for the mechanic replacing the muffler on your car
• D)None of the above will be included in gross income.

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Definitions:

Underutilization

Refers to the failure to use something or someone to its fullest potential or capacity, often resulting in wasted resources or talents.

Time

A continuous, measurable sequence of events moving from past through present to future.

Group Accountability

The shared responsibility among members of a group for the outcomes or achievements of the group as a whole.

Individual Accountability

The obligation of an individual to account for their activities, accept responsibility for them, and disclose the results in a transparent manner.