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  • It Means All Income Derived From Whatever Source

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    Katrina Dela Cruz
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    The document defines various financial terms: 1) Gross income refers to all income from any source including compensation, business income, gains from property, and other sources. 2) Taxable income is gross income less any deductions allowed by law. 3) Capital refers to wealth or money that is invested or available to be invested. 4) Return of capital is a payment from an investment that is not taxed as it is a return of the original investment rather than income. 5) Income is the flow of wealth or money over time. 6) For tax purposes, taxable income means gross sales less returns, discounts, costs, and allowances.

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    It means all income derived from whatever source

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    The document defines various financial terms: 1) Gross income refers to all income from any source including compensation, business income, gains from property, and other sources. 2) Taxable income is gross income less any deductions allowed by law. 3) Capital refers to wealth or money that is invested or available to be invested. 4) Return of capital is a payment from an investment that is not taxed as it is a return of the original investment rather than income. 5) Income is the flow of wealth or money over time. 6) For tax purposes, taxable income means gross sales less returns, discounts, costs, and allowances.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    34 views2 pages

    It Means All Income Derived From Whatever Source

    Uploaded by

    Katrina Dela Cruz
    The document defines various financial terms: 1) Gross income refers to all income from any source including compensation, business income, gains from property, and other sources. 2) Taxable income is gross income less any deductions allowed by law. 3) Capital refers to wealth or money that is invested or available to be invested. 4) Return of capital is a payment from an investment that is not taxed as it is a return of the original investment rather than income. 5) Income is the flow of wealth or money over time. 6) For tax purposes, taxable income means gross sales less returns, discounts, costs, and allowances.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 2

    It means all income derived from whatever source

    a. Revenue
    b. Income
    c. Gross income
    d. Taxable income

    The following constitutes “gross income”, except:

    a. Compensation for services


    b. Gross income derived from the conduct of trade or business or the exercise of a profession
    c. Gains from dealings in properties
    d. None of the above

    It refers to items of gross income less deductions allowed under the law
    a. Gross income
    b. Net income
    c. Taxable income
    d. Taxable gross income

    It refers to the “wealth” or money invested or available to be invested


    a. Revenue
    b. Income
    c. Gross income
    d. Capital

    It is a payment, or return, received from an investment that is not considered a taxable event and is
    not taxed as income
    a. Return on capital
    b. Return of capital
    c. Receipt
    d. Revenue

    It is the flow of “wealth” or money


    a. Revenue
    b. Receipts
    c. Capital
    d. Income

    For the purpose of computing the taxable income and the income tax, it shall mean gross sales less
    sales return, discounts and allowances and cost of goods sold
    a. Revenue
    b. Income
    c. Gross income
    d. Taxable income

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