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Loans & Lending Practices MCQs

Why is interest earned on a loan considered taxable revenue?

Because it is revenue only if over $1,000

Because it was earned legally and therefore must be included in revenue

Because the SEC requires it

Because interest is profit generated by providing a loan and is income to the lender

Answer

Correct Answer: Because interest is profit generated by providing a loan and is income to the lender

Explanation:

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