In the United States, Inheritance Accounts for Roughly ________ of Income

question 28

Multiple Choice

In the United States, inheritance accounts for roughly ________ of income inequality.

• A) 50 percent
• B) 30 percent
• C) 20 percent
• D) 10 percent

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Definitions:

Expense Accounts

Accounts used to track the expenditures incurred by a business, categorized for financial reporting and analysis.

Debit Balances

Amounts owed in an account, typically representing assets or expenses, that indicate the total charges or costs.

Net Income

The sum a company retains as profit after removing costs, expenses, and taxes from its total income.

Retained Earnings

The portion of a company's profits that is kept or retained within the business instead of being paid out to shareholders as dividends.