How Does "Net Domestic Income" Differ from Gross Domestic Product

question 28

Multiple Choice

How does "net domestic income" differ from gross domestic product? Net domestic income is GDP minus

• A)that part of it not actually paid to households,plus transfer payments to households.
• B)that part of it not actually paid to households,minus personal income taxes paid by households.
• C)that part of it not actually paid to households,plus transfer payments to households,minus personal taxes paid by households.
• D)replacement investment.
• E)the sum of corporate,personal and sales taxes paid to the government.

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Definitions:

Journal

A record where all financial transactions are initially entered in chronological order.

Bank Reconciliation

The process of matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement.

Balance Per Books

The ending balance of an account as recorded in the financial records of a company or individual.

Bank Reconciliation

The process of matching and comparing figures from accounting records against those shown on a bank statement.