Full question:
Indicate whether the following statements are "True" or "False" regarding the concept of gross income.
a. While the Constitution grants Congress the power to tax income, it does not define the term.
b. The Supreme Court has held that there is no income subject to tax until the taxpayer has recovered the capital invested.
c. Economists measure income (economic income) by first determining the fair market value of the individual's net assets (assets minus liabilities) at the beginning and end of the year (change in net worth).
d. Accounting and tax rules regarding income are the same.
e. The accounting concept of income is founded on the realization principle.
f. Gross income is not limited to cash received.
Answers:
a. True
b. True
c. True
d. False
e. True
f. True
Explanation:
1.The constitution of the United States allows for power to tax income however it doesn't define tax.
2.income is not subject to tax until there is profit from capital invested as ruled by the Supreme Court of the United States
3. Measurement of income in Economics involves applying the concept of fair value to measure income at the beginning and end if the year and notice any changes that may have occurred
4. Accounting and tax rules regarding income are not the same. Accounting however complies with tax rules for accounting purposes.
5.the realization principle involves income earned or losses incurred(not necessarily received in cash or given out)
6.Gross income encompasses all(recognizable) earned income for the period(cash or not)
The possession of nuclear weapons by the world powers has changed the nature of conflict by leading to a mutually assured destruction (MAD) state. Each nuclear power possess weapons that are enough to wipe out the other nation in its entirety. As a result, none is willing to unleash its weaponry, which results in stability.
Answer:
Minimizes heat transfer.
Explanation:
you want something that minimizes heat transfer because the more heat that is transferred the hotter you lunch will be. But the smaller the heat transfer the colder your lunch will be.
Answer:
Without industry, there is nothing. If a country has no industry, people will starve, freeze, or otherwise die from completely preventable causes—and quite fast too. It will be worse than the prehistoric era, where no industry enjoyed the level of technology we have today...Explanation:
To answer this problem, you just have to clearly understand each statements in the problem. As you read them, write it on a paper in chronological form. Take note of phrases like 'ahead', 'after', 'beat', etc. This will help you in ordering them. The order from first to last is:
Sarah
David
James
Julie
Roger
Thus, David is in the second place.
