H&R BLOCK QUIZ CH'S 1-5 ACTUAL 2025/2026 QUESTIONS AND 100% CORRECT ANSWERS

H&R BLOCK QUIZ CH'S 1-5 ACTUAL 2025/2026 QUESTIONS AND 100% CORRECT ANSWERS What is Gross Income? - Answer -- 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 - Answer -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? - Answer -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? - Answer -- 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)