Which Type of Income Contributes the Smallest Share to Total

question 75

Multiple Choice

Which type of income contributes the smallest share to total income in the U.S.?

• A)wages
• B)interest
• C)rent
• D)profits

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Definitions:

Modified Accrual

An accounting method that combines elements of both cash and accrual accounting, recognizing revenues when they become available and measurable and expenses when incurred.

Capital Assets

Long-term assets such as buildings, land, or equipment, which are used in the operations of a business and are not intended for sale in the regular course of business.

CAFR

Comprehensive Annual Financial Report; a set of government financial statements that goes beyond the requirements of generally accepted accounting principles, including details on all funds and activities.

Introductory

Refers to the initial stage or beginning phase of a process, policy, or product.