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)
Answer: B. an import quota
Explanation:
An import quota is known to be a form of trade restriction which the government of a country imposes on a particular good from another country. The government place or put a limit on the number of imported goods which can be imported into the country over a specified period of time. Thus, the government imposes this in order to encourage local production of goods and services by making the prices of imported goods high and prices of local goods low.
The Ten-Percent Plan. Lincoln's blueprint for Reconstruction included the Ten-Percent Plan,which specified that a southern state could be readmitted into the Union once 10 percent of its voters (from the voter rolls for the election of 1860) swore an oath of allegiance to the Union.
Contact, an electrical short, or dielectric breakdown can cause an electrostatic discharge, which is a sudden and momentary flow of electric current between two electrically charged objects. Static electricity discharge(ESD) can be generated by tribocharging or electrostatic induction.
The strap: When repairing electronic equipment, thisdevice grounds the user. It prevents electrostatic discharge (ESD) by directing static electricity away from the user and toward the ground. One end is typically wrapped around the wrist, while the other is attached to the frame of the device being worked on.
To know more about ESD, click here.
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