Which of the Following Statements Concerning Prizes and Awards Is/are

question 45

Multiple Choice

Which of the following statements concerning prizes and awards is/are correct?
I.Most all prizes and awards are exempt from taxation.
II.Employee awards of tangible, personal property for length of service are at least partially excludable.
III.Any prize or award received can be excluded if it is given to a governmental or charitable organization.
IV.Employee awards for safety achievements are always excluded from income.
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• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Only statements II and III are correct.
• D)Only statements I and IV are correct.

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Definitions:

Short Spells Of Unemployment

Short spells of unemployment refer to brief periods during which an individual is without a job and actively seeking work.

Frictional Unemployment

Unemployment that occurs when people are in between jobs or are entering the workforce for the first time, typically a temporary condition.

Long Spells Of Unemployment

Extended periods during which an individual is unable to find work despite actively looking for employment.

Employment Rise

An increase in the number of people employed, indicating growth in job opportunities and a healthy economy.