National Income Is the Sum of All of the Following

question 105

Multiple Choice

National income is the sum of all of the following except

• A)wages.
• B)savings.
• C)interest.
• D)rent.
• E)profits.

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Definitions:

Deferred Income Tax Liability

A deferred income tax liability is a tax that is assessed or is due for the current period but has not yet been paid, pushing the obligation to future periods.

Operating Income

Income generated from normal business operations, excluding revenues and expenses from non-operating activities.

Income Tax Rate

The proportion of income that is subject to taxation for a person or a company.

Consolidated Income Tax Return

A single income tax return filed for a group of related corporations, consolidating their tax liabilities.