BUISENESS MANAGEMENT
TAXES
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Money earned from waiting tables.
|
|
|
The tax return you receive from the government after filing you 1040EZ.
|
|
|
Money from a salary job such as a professional athlete.
|
|
|
Money earned on interest from a savings account.
|
Detailed explanation-1: -Interest income. read more is the income that investors earn on their investment over the period. Examples of interest income can be the income earned from the savings deposit accounts, certificates of deposits, loans, etc.
Detailed explanation-2: -Unearned income includes investment-type income such as taxable interest, ordinary dividends, and capital gain distributions. It also includes unemployment compensation, taxable social security benefits, pensions, annuities, cancellation of debt, and distributions of unearned income from a trust.
Detailed explanation-3: -Two examples of unearned income you might be familiar with are money you get as a gift for your birthday and a financial prize you win. Other examples of unearned income include unemployment benefits and interest on a savings account.
Detailed explanation-4: -Unearned income is cash received in advance of earning income. Unearned income is income that is received before it is earned by goods being delivered or services being performed, or income that you do not have to work to earn, such as income from property and investment.
Detailed explanation-5: -Unearned income, sometimes referred to as deferred revenue or unearned revenue, is a liability that is created when monies are received by a company for goods and services not yet provided. The unearned amount is recorded in a liability account, such as the Unearned Income account.