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H&R Block Quiz Ch's 1-5 Practice Questions and Answers

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H&R Block Quiz Ch's 1-5 Practice Questions and Answers What is Gross Income? - Ans:-- Any money that you made or worked for that is subject to tax. Also, all world-wide income from whatever source derived, unless specifically excluded from taxation by law. ( Money realized in any form whether in money, property, or services.) Income - Ans:-Financial gain derived from labor(work), capital (money), or a combination of the two. The financial gain derived from labor is generally referred to as "wages". What is Earned Income? - Ans:-Financial gain "that is" received for "services performed." Some examples of this include wages, commissions, tips, and generally, farming and other business income. What is unearned income? - Ans:-- Dividends, interests, unemployment that can still be considered taxable income. (Money received for investment of money or other property such as interest, dividends, rents, and royalties). Gross Income Included or Not ? ? a. Unemployment. Inc.

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©GRACEAMELIA 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED

FIRST PUBLISH OCTOBER 2024




H&R Block Quiz Ch's 1-5 Practice
Questions and Answers


What is Gross Income? - Ans:✔✔-- Any money that you made or worked for that is subject to tax. Also,

all world-wide income from whatever source derived, unless specifically excluded from taxation by law.


( Money realized in any form whether in money, property, or services.)


Income - Ans:✔✔-Financial gain derived from labor(work), capital (money), or a combination of the two.

The financial gain derived from labor is generally referred to as "wages".


What is Earned Income? - Ans:✔✔-Financial gain "that is" received for "services performed." Some

examples of this include wages, commissions, tips, and generally, farming and other business income.


What is unearned income? - Ans:✔✔-- Dividends, interests, unemployment that can still be considered

taxable income. (Money received for investment of money or other property such as interest, dividends,

rents, and royalties).


Gross Income Included or Not ? ?


a. Unemployment. Inc.



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  • hr block quiz chs 1 5 practice questions and ans
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