When the Housing Bubble Burst in 2007, It Set Off

question 77

Multiple Choice

When the housing bubble burst in 2007, it set off the worst financial crisis ________.

• A) in 25 years.
• B) in 40 years.
• C) in 50 years.
• D) in 75 years.

---

Definitions:

Net Income

The remaining profit of a company after all necessary subtractions, such as taxes and expenses, from its revenue.

Net Income

A company's remaining earnings after deducting all taxes and costs from the complete revenue.

Income Splitting

A tax strategy used to transfer income from a higher-tax-rate taxpayer to a lower-tax-rate taxpayer to reduce the total tax paid.

Salary Allowances

Additional monetary benefits provided to employees on top of their regular salary, potentially for specific purposes or expenses.