What does personal income include and exclude?
A) It includes retained earnings,corporate income taxes,and social insurance contributions,and excludes interest and transfer payments received by households from government.
B) It excludes retained earnings,corporate income taxes,social insurance contributions,and interest,and includes transfer payments received by households from government.
C) It excludes retained earnings,corporate income taxes,and social insurance contributions,and includes interest and transfer payments received by households from government.
D) It includes retained earnings,corporate income taxes,social insurance contributions,and interest,and excludes transfer payments received by households from government.

Question

Quizplus · Accepted Answer

Personal income includes the following: wages and salaries, interest, rent, proprietor’s income, and transfer payments (such as social security benefits and unemployment compensation). It excludes corporate income taxes, social insurance contributions, and retained earnings. Interest is included in personal income, but transfer payments are not excluded.

What Does Personal Income Include and Exclude