N/A — Exam

Question 17 • Personal Finance and Economics

An income is measured as

Answer

an amount spent in one week’s time.

all money saved during a year’s time.

an amount received in a specific period: weekly, biweekly, or yearly.

all money received, including gifts, in the course of a year.

Explanation

Income is money received over a period of time, such as a week, two weeks, or a year. Choice A describes this measurement. Money saved or spent is different from income, and gifts are not necessarily included in the standard measure of income.

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