Which of the Following Is Included in Your Gross Income

question 15

Multiple Choice

Which of the following is included in your gross income?

• A) A scholarship for tuition.
• B) Scholarships and grants in excess of tuition and books.
• C) Municipal bond interest.
• D) A scholarship for books.

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Definitions:

Refundable Deposits

Deposits made that can be returned to the depositor under certain conditions.

Cumulative Preferred Stock

A type of preferred stock that accrues dividends if they are not paid as scheduled, with these unpaid dividends to be paid out before common shareholders can receive dividends.

Unearned Interest

Interest that has been collected on a loan by the lender but not yet earned, often because the loan may be paid off early.

Estimated Property Taxes

An approximation of the property taxes due on real estate, often used for budgeting or accounting purposes before the actual tax bill is received.