Private-Use Data Includes

question 10

Multiple Choice

Private-use data includes

• A)data that is available through the Bureau of Labor Statistics or similar agency.
• B)through the internet or through formal Freedom of Information Act (FOIA)requests from the appropriate agency.
• C)data that is collected by the government for public consumption.
• D)government surveys or internal firm-level data that can be obtained through formal request and/or having the appropriate connections.

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Definitions:

Taxable Income

The amount of income subject to taxes, calculated by adjusting gross income by various deductions, exemptions, and adjustments specified by tax laws.

Book Income

Book income is a company's financial income as reported in the financial statements, adhering to the rules of accounting, before any tax adjustments.

Loss Carryback

An accounting technique that allows businesses to apply current year’s net operating losses to previous years’ profits to reduce tax liabilities.

Income Tax Benefit

A reduction in income tax payments, which can result from deductions, exemptions, or credits, often recognizing benefits from losses or deductions from previous years.