Question

[1] Household statistics include individuals living alone or in groups in:

A) apartments.

B) military barracks.

C) college residence halls.

D) all of the above.

[2] Personal income is:

A) per capita income, or income per person.

B) household income used for spending, saving, and paying taxes.

C) after-tax income available to households for spending and saving.

D) household income that is available for spending after taxes and saving have been deducted.

[3] Which of the following is NOT considered earned income?

A) Dividends.

B) Interest income.

C) Transfer payments.

D) Proprietors' income.

[4] The majority of household income is used for:

A) taxes.

B) saving.

C) spending.

D) entertainment.

[5] The largest percentage of household spending is used to:

A) pay taxes.

B) purchase services.

C) purchase durable goods.

D) purchase nondurable goods.

[6] An example of a durable good is:

A) a haircut.

B) an automobile.

C) a three-week trip to Italy.

D) a box of Girl Scout cookies.

[7] A general partner in a partnership:

A) cannot by law receive a salary.

B) is the founding member of the company.

C) has unlimited liability for the business' debts.

D) answers only to the partnership's stockholders.

[8] The economic goal of an individual is to maximize his/her:

A) profit.

B) income.

C) economic well-being.

D) consumption of goods and services.

Answer 1

Ans

Can answer only 4 parts according to Chegg policy

1 only in apartments. Military etc are not considered

2 B. If we subtract income tax from it we get disposable income

3 Transfer payments like pension as no work is done in return

4 spending which accounts for 60-70%