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)
He was one of the only two presidents to be impeached
Slave Labor
Otherwise known as the unpaid labor of enslaved workers.
Answer: B: Offenders engage in direct forms of violence.
Explanation: According to the Britanica Encyclopedia "White-collar crime, crime committed by persons who, often by virtue of their occupations, exploit social, economic, or technological power for personal or corporate gain". White collar crimes tends to refer to a crime committed by a bussinessman or bussinesswoman who are more likely to be middle aged or older usually by persons from the middle class and sometimes but not very often the lower class. Fraud, money laundering, stealing company funds and embezzlment are considered white collar crimes. It is often seen as less serious when compared to other crimes because it does not involve physical violence. Public order crimes are not associated to white collar crimes. Financal gain is the ulterior motive of white collar crimes.
White-collar crime have been associated with the educated and affluent ever since the term was first coined in 1949 by sociologist Edwin Sutherland, who defined it as "crime committed by a person of respectability and high social status in the course of their occupation", however, these crimes have ceased to be exclusive to such groups.
