{"id":43861,"date":"2024-04-15T21:35:31","date_gmt":"2024-04-15T21:35:31","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=43861"},"modified":"2024-04-15T21:35:31","modified_gmt":"2024-04-15T21:35:31","slug":"if-personal-income-is-rs-62000-undistributed-profit-is-rs-400-corporate-tax-is-rs-1000-and-transfer-payments-is-rs-2000-then-national-income-will-be","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/if-personal-income-is-rs-62000-undistributed-profit-is-rs-400-corporate-tax-is-rs-1000-and-transfer-payments-is-rs-2000-then-national-income-will-be\/","title":{"rendered":"If Personal Income is Rs. 62,000; Undistributed profit is Rs. 400; Corporate Tax is Rs. 1,000 and Transfer payments is Rs. 2,000, then National Income will be"},"content":{"rendered":"<p>[amp_mcq option1=&#8221;Rs. 59,400&#8243; option2=&#8221;Rs. 61,400&#8243; option3=&#8221;Rs. 58,600&#8243; option4=&#8221;Rs. 63,400&#8243; correct=&#8221;option1&#8243;]<!--more--><\/p>\n<p>The correct answer is A. Rs. 59,400.<\/p>\n<p>National income is the total income earned by all factors of production in a country in a given period of time. It is calculated by adding up the following components:<\/p>\n<ul>\n<li>Personal income: This is the income earned by individuals from all sources, including wages, salaries, interest, dividends, and rents.<\/li>\n<li>Undistributed profit: This is the profit that is not paid out to shareholders in the form of dividends.<\/li>\n<li>Corporate tax: This is the tax that corporations pay on their profits.<\/li>\n<li>Transfer payments: These are payments made by the government to individuals, such as Social Security benefits and unemployment benefits.<\/li>\n<\/ul>\n<p>To calculate national income, we start with personal income and add undistributed profit. We then subtract corporate tax and transfer payments. This gives us the following equation:<\/p>\n<p>National income = Personal income + Undistributed profit &#8211; Corporate tax &#8211; Transfer payments<\/p>\n<p>In this case, we are given the following information:<\/p>\n<ul>\n<li>Personal income = Rs. 62,000<\/li>\n<li>Undistributed profit = Rs. 400<\/li>\n<li>Corporate tax = Rs. 1,000<\/li>\n<li>Transfer payments = Rs. 2,000<\/li>\n<\/ul>\n<p>Substituting these values into the equation, we get:<\/p>\n<p>National income = Rs. 62,000 + Rs. 400 &#8211; Rs. 1,000 &#8211; Rs. 2,000 = Rs. 59,400<\/p>\n<p>Therefore, the national income is Rs. 59,400.<\/p>\n<p>Option B is incorrect because it is the sum of personal income and undistributed profit. Option C is incorrect because it is the sum of personal income and corporate tax. Option D is incorrect because it is the sum of personal income, undistributed profit, and transfer payments.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[amp_mcq option1=&#8221;Rs. 59,400&#8243; option2=&#8221;Rs. 61,400&#8243; option3=&#8221;Rs. 58,600&#8243; option4=&#8221;Rs. 63,400&#8243; correct=&#8221;option1&#8243;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-43861","post","type-post","status-publish","format-standard","hentry","category-economics","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>If Personal Income is Rs. 62,000; Undistributed profit is Rs. 400; Corporate Tax is Rs. 1,000 and Transfer payments is Rs. 2,000, then National Income will be<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/if-personal-income-is-rs-62000-undistributed-profit-is-rs-400-corporate-tax-is-rs-1000-and-transfer-payments-is-rs-2000-then-national-income-will-be\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"If Personal Income is Rs. 62,000; Undistributed profit is Rs. 400; Corporate Tax is Rs. 1,000 and Transfer payments is Rs. 2,000, then National Income will be\" \/>\n<meta property=\"og:description\" content=\"[amp_mcq option1=&#8221;Rs. 59,400&#8243; option2=&#8221;Rs. 61,400&#8243; option3=&#8221;Rs. 58,600&#8243; option4=&#8221;Rs. 63,400&#8243; correct=&#8221;option1&#8243;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/exam.pscnotes.com\/mcq\/if-personal-income-is-rs-62000-undistributed-profit-is-rs-400-corporate-tax-is-rs-1000-and-transfer-payments-is-rs-2000-then-national-income-will-be\/\" \/>\n<meta property=\"og:site_name\" content=\"MCQ and Quiz for Exams\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-15T21:35:31+00:00\" \/>\n<meta name=\"author\" content=\"rawan239\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rawan239\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"If Personal Income is Rs. 62,000; Undistributed profit is Rs. 400; Corporate Tax is Rs. 1,000 and Transfer payments is Rs. 2,000, then National Income will be","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/exam.pscnotes.com\/mcq\/if-personal-income-is-rs-62000-undistributed-profit-is-rs-400-corporate-tax-is-rs-1000-and-transfer-payments-is-rs-2000-then-national-income-will-be\/","og_locale":"en_US","og_type":"article","og_title":"If Personal Income is Rs. 62,000; Undistributed profit is Rs. 400; Corporate Tax is Rs. 1,000 and Transfer payments is Rs. 2,000, then National Income will be","og_description":"[amp_mcq option1=&#8221;Rs. 59,400&#8243; option2=&#8221;Rs. 61,400&#8243; option3=&#8221;Rs. 58,600&#8243; option4=&#8221;Rs. 63,400&#8243; correct=&#8221;option1&#8243;]","og_url":"https:\/\/exam.pscnotes.com\/mcq\/if-personal-income-is-rs-62000-undistributed-profit-is-rs-400-corporate-tax-is-rs-1000-and-transfer-payments-is-rs-2000-then-national-income-will-be\/","og_site_name":"MCQ and Quiz for Exams","article_published_time":"2024-04-15T21:35:31+00:00","author":"rawan239","twitter_card":"summary_large_image","twitter_misc":{"Written by":"rawan239","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/exam.pscnotes.com\/mcq\/if-personal-income-is-rs-62000-undistributed-profit-is-rs-400-corporate-tax-is-rs-1000-and-transfer-payments-is-rs-2000-then-national-income-will-be\/","url":"https:\/\/exam.pscnotes.com\/mcq\/if-personal-income-is-rs-62000-undistributed-profit-is-rs-400-corporate-tax-is-rs-1000-and-transfer-payments-is-rs-2000-then-national-income-will-be\/","name":"If Personal Income is Rs. 62,000; Undistributed profit is Rs. 400; Corporate Tax is Rs. 1,000 and Transfer payments is Rs. 2,000, then National Income will be","isPartOf":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#website"},"datePublished":"2024-04-15T21:35:31+00:00","dateModified":"2024-04-15T21:35:31+00:00","author":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/5807dafeb27d2ec82344d6cbd6c3d209"},"breadcrumb":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/if-personal-income-is-rs-62000-undistributed-profit-is-rs-400-corporate-tax-is-rs-1000-and-transfer-payments-is-rs-2000-then-national-income-will-be\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/exam.pscnotes.com\/mcq\/if-personal-income-is-rs-62000-undistributed-profit-is-rs-400-corporate-tax-is-rs-1000-and-transfer-payments-is-rs-2000-then-national-income-will-be\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/exam.pscnotes.com\/mcq\/if-personal-income-is-rs-62000-undistributed-profit-is-rs-400-corporate-tax-is-rs-1000-and-transfer-payments-is-rs-2000-then-national-income-will-be\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/exam.pscnotes.com\/mcq\/"},{"@type":"ListItem","position":2,"name":"mcq","item":"https:\/\/exam.pscnotes.com\/mcq\/category\/mcq\/"},{"@type":"ListItem","position":3,"name":"Economics","item":"https:\/\/exam.pscnotes.com\/mcq\/category\/mcq\/economics\/"},{"@type":"ListItem","position":4,"name":"If Personal Income is Rs. 62,000; Undistributed profit is Rs. 400; Corporate Tax is Rs. 1,000 and Transfer payments is Rs. 2,000, then National Income will be"}]},{"@type":"WebSite","@id":"https:\/\/exam.pscnotes.com\/mcq\/#website","url":"https:\/\/exam.pscnotes.com\/mcq\/","name":"MCQ and Quiz for Exams","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/exam.pscnotes.com\/mcq\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/5807dafeb27d2ec82344d6cbd6c3d209","name":"rawan239","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/761a7274f9cce048fa5b921221e7934820d74514df93ef195a9d22af0c1c9001?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/761a7274f9cce048fa5b921221e7934820d74514df93ef195a9d22af0c1c9001?s=96&d=mm&r=g","caption":"rawan239"},"sameAs":["https:\/\/exam.pscnotes.com"],"url":"https:\/\/exam.pscnotes.com\/mcq\/author\/rawan239\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts\/43861","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/comments?post=43861"}],"version-history":[{"count":0,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts\/43861\/revisions"}],"wp:attachment":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/media?parent=43861"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/categories?post=43861"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/tags?post=43861"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}