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)
Evelyn is most likely to <span>have more colds and other respiratory infections.
She is under a lot of stress because her husband died and now she is the sole bread-winner for her family - therefore she had to find additional jobs in order to support her two children now that she is left alone. Therefore her immune system is likely to be weakened due to stress and work overload, which is why she will be more prone to colds and problems with her respiratory system.
</span>
Psychologist
Robert Sternberg, an expert on creativity and intelligence, advises that if you
want to be more creative, you should involve using past experiences.
<span>Robert
Sternberg distinguishes three components of successful intelligence which
practical, analytical, and creative.
According to him, creative intelligence is when we will be able to use
our existing skills and knowledge in order to grasp new and unusual situations. During such, we will be able to use our past experiences.</span>
They were tied to Britain through trade and by the way they were governed. Trade was restricted so the colonies had to rely on Britain for imported goods and supplies. ... The King and Parliament believed they had the right to tax the colonies.
That's all I know.
