Question : The personal income of households can be calculated in which of the following ways?
Option 1: National income + Undistributed profits – Net interest payments – Corporate tax + Transfer payments from the government and firms.
Option 2: National income – Undistributed profits – Net interest payments – Corporate tax + Transfer payments from the government and firms.
Option 3: National income – Undistributed profits + Net interest payments – Corporate tax –Transfer payments from the government and firms.
Option 4: National income – Undistributed profits – Net interest payments – Corporate tax –Transfer payments from the government and firms.
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Correct Answer: National income – Undistributed profits – Net interest payments – Corporate tax + Transfer payments from the government and firms.
Solution : The correct answer is National income - Undistributed profits - Net interest payments - Corporate tax + Transfer payments from the government and firms.
Personal income is a measure of household income before any deductions. It includes income from many sources, including earnings, salaries, rental income, interest, dividends, and government and corporate transfer payments.
Undistributed profits (profits not distributed as dividends to shareholders), net interest payments (interest paid on loans less interest received), and corporate tax (tax paid by corporations) are deducted from national income.
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Question : Which of the following is correct regarding Private Income?
Option 1: Private Income = Factor income from net domestic product accruing to the private sector + National debt interest – Net factor income from abroad + Current transfers from government + Other net transfers from the rest of the world
Option 2: Private Income = Factor income from net domestic product accruing to the private sector + National debt interest + Net factor income from abroad – Current transfers from government + Other net transfers from the rest of the world
Option 3: Private Income = Factor income from net domestic product accruing to the private sector + National debt interest + Net factor income from abroad + Current transfers from government + Other net transfers from the rest of the world
Option 4: Private Income = Factor income from net domestic product accruing to the private sector - National debt interest + Net factor income from abroad + Current transfers from government + Other net transfers from the rest of the world
Question : Which of the following is not included while estimating national income through income method?
Option 1: Rent
Option 2: Mixed Incomes
Option 3: Pension
Option 4: Undistributed profits
Question : In the estimation of national income, which of the following items will be subtracted from Net national product (NNP) at market price?
Option 1: Depreciation
Option 2: Net product taxes and net production taxes
Option 3: Net indirect taxes
Option 4: Depreciation and net product taxes
Question : Net domestic product is calculated as_______.
Option 1: Gross Domestic Product (GDP) - Depreciation
Option 2: Gross National Product (GNP) - Depreciation
Option 3: Gross Domestic Product (GDP) - Net income earned from abroad
Option 4: Gross National Product (GNP) - Net income earned from abroad
Question : Which of these is not the correctly stated component of the expenditure method of measuring national income?
Option 1: Final investment expenditure by firms
Option 2: Final government expenditure
Option 3: Export plus import expenditure
Option 4: Final consumption expenditure by households
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