-In the Figure Above, If Income Were Distributed Equally Across

question 47

Multiple Choice

-In the figure above, if income were distributed equally across all households, the richest 20 per cent of households would receive _______ of total income.

• A) 15 per cent
• B) 45 per cent
• C) 25 per cent
• D) 20 per cent

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Definitions:

Accounts Payable

A liability account tracking money owed by a business to suppliers or creditors for goods and services received.

Revenue Account

An account that records sales, services, or other income earned by a business.

Asset Account

Accounts on a balance sheet that represent the resources owned by a company, which are expected to provide future economic benefits.

Liabilities

Financial obligations of a business, including debts and other amounts owed to creditors.