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11) Personal income is equal to

A) NDP minus national income.

B) disposable personal income plus personal income taxes.

C) disposable personal income plus personal and corporate income taxes.

D) national income minus (corporate income taxes and Social Security).

 

12) If you take national income and add transfer payments, then subtract income earned but not received, the result will be

A) net national product.

B) disposable personal income.

C) personal income.

D) wages.

 

13) The difference between personal income and disposable personal income is that

A) disposable personal income includes only the funds available to spend on non-necessities.

B) personal income taxes are not included in disposable personal income.

C) personal income includes personal income taxes and indirect business taxes, which are not included in disposable personal income.

D) personal income does not include transfer payments, such as Social Security payments or welfare payments and disposable personal income includes them.

 

14) The amount of income received by households prior to the payment of personal income taxes is called

A) disposable wages.

B) personal income.

C) national income.

D) net domestic product.

15) If disposable personal income (DPI) = $800 and personal income taxes = $80, then what is personal income (PI)?

A) $720

B) $800

C) $880

D) can't tell from the information provided

 

16) Which of the following will be the smallest in value?

A) National income

B) Net domestic product

C) Personal income

D) Disposable personal income

 

17) Disposable personal income is found by taking

A) personal income taxes minus personal income.

B) personal income minus personal income taxes.

C) personal income taxes plus personal income.

D) personal income times personal income taxes.

 

18) Disposable personal income is equal to

A) national income minus personal income taxes.

B) personal income plus transfer payments.

C) Gross Domestic Product (GDP) minus depreciation.

D) personal income minus personal income tax payments.

19) Income earned by the factors of production is called

A) gross domestic income.

B) disposable personal income.

C) personal income.

D) national income.

 

20) Which of the following accurately describes represents income earned by all factors of production?

A) National Income

B) Personal Income

C) Disposable Personal Income

D) Wages and salaries

 

 

 

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