All of the Following Items Are Generally Excluded from Income

question 91

Multiple Choice

All of the following items are generally excluded from income except

• A)child support payments.
• B)interest on corporate bonds.
• C)interest on state and local government bonds.
• D)life insurance proceeds paid by reason of death.

Acknowledge the essential characteristics and benefits of private property rights in promoting economic activity.

Understand the role and significance of cryptocurrencies in modern economies.

Understand different types of specialization in production and their effects on economic efficiency.

Analyze factors leading to economic instability, using Venezuela as a case study.

---

Definitions:

Work in Process

Goods in various stages of completion throughout the production process, not yet ready for sale.

Finished Goods

Items that are finished with production and available for purchase by consumers.

Work in Process

Work in process (WIP) refers to partially finished goods that are still undergoing manufacturing processes but are not yet complete products.

Materials Purchased

The total cost of raw materials bought by a company for the purpose of production in a given period.