Which of the Following Is Not Defined as Part of Gross

question 178

Multiple Choice

Which of the following is not defined as part of gross income?

• A)Gifts and inheritances
• B)Capital gains
• C)Scholarship income spent on room and board
• D)Illegal income

---

Definitions:

February

The second month of the year in the Gregorian calendar, typically consisting of 28 days, or 29 in leap years.

Standard Hours Allowed

The predetermined amount of time expected to be required to produce a certain quantity of output under normal working conditions.

Actual Output

The real quantity of goods or services produced by a business during a specific period, as opposed to planned or potential output.

Materials Price Variance

The difference between the actual cost of materials used in production and the standard cost of materials that were expected to be used.