Question

Steven is moving into his first apartment in a few weeks and has been busy packing. In addition to the things he has purchased with money earned from his full-time job, his parents have told him that he can take the furniture in his bedroom and his bedding when he moves out. His parents are providing for him with which type of income:

A. earned income
B. in-home income
C. gift income
D. in-kind income

Answer 1

Answer: In-kind income.

Explanation:

Steven's parents has offered him with in-kind income by offering him with furnitures he needs to furnish his new apartment.

In-kind income are income given to an individual that are of value but not money itself. Examples of such income are: clothing, furniture, cars etc.