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)
Social comparison
hope that helps!
Depending on how Jim's relationship with his ex-wife ended, through bitterness or a mutual agreement to be friends, he could either be happy or sad. If he was in between, he probably would've felt uncomfortable, because he neither cared enough to find out before his son but wasn't as cruel to say he didn't care.
Answer:
See explanation below.
Explanation:
Creativity plays an important role in children development, through playing in creative ways, children grow socially, emotionally and cognitively.
3 year-old children are in the <u>preoperational stag</u>e according to Piaget's theory, during this stage, children have <u>strong imaginatio</u>n and intuition so parents can use that imagination to encourage creativity.
When Lyndsey showed her drawing to her mother, the mother said what it looked like to her (like daddy).
If she wanted to encourage her daughter's creativity, she could have made questions that had to do with Lyndsey's imagination, for example:
- Tell me about your picture,
- What did you draw?
- What were you thinking while drawing?
- What's the story of your drawing?
