If You Generate a New Idea That Has Not Been

question 63

Multiple Choice

If you generate a new idea that has not been implemented yet by anyone else,and the idea offers a more profitable use of some resource,it is likely an example of:

• A) innovation.
• B) market failure.
• C) intervention.
• D) a goal other than profit.

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Definitions:

Taxable Income

The portion of an individual's or corporation's income used to determine how much tax is owed to the federal government or other taxing authorities.

Tax Liability

The total amount of tax that an individual or business is legally obligated to pay to a tax authority based on earnings or profit.

Qualifying Widow(er)

A tax filing status available to a widowed individual who has a dependent child, offering the same tax benefits as married filing jointly for two years following the spouse's death.

Dependent Child

A child who meets certain IRS criteria, thereby allowing the taxpayer to claim certain tax benefits, such as the child tax credit.