A Family Has an Annual Income of $25,560

question 24

Multiple Choice

A family has an annual income of $25,560. How much is their monthly income?

• A) $2,254
• B) $2,130
• C) $1,686
• D) $2,352
• E) none of these

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Definitions:

Income Concept

An economic term referring to the sum of all earnings and other benefits received by an individual or entity, typically measured over a specified time period.

Income Inequality

The skewed allocation of financial resources among individuals or households within an economic setting.

Discrimination

Unequal treatment or bias against individuals or groups based on characteristics such as race, gender, religion, or nationality.

Noncash Transfers

Benefits provided by governments or organizations to individuals that are not in the form of cash, such as food stamps or healthcare services.