Your Standard Deduction Will Be $6,100 in 2013 If You

question 14

Multiple Choice

Your standard deduction will be $6,100 in 2013 if you are:

• A)Single and 67 years old.
• B)Single and 45 years old.
• C)Single,27 years old and blind.
• D)A nonresident alien.
• E)A married individual filing a separate return and your spouse itemizes his deductions.

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Definitions:

Single-Step Income Statement

A form of income statement where all expenses are subtracted from total revenue in one step to arrive at net income.

FOB Destination

A term used in shipping indicating that the seller is responsible for the freight costs and owns the goods in transit until they are delivered to the buyer's location.

Merchandise Inventory

The goods a retail store has purchased and intends to sell to customers, representing one of the retailer's primary assets.

General and Administrative Expenses

Overhead expenses not directly tied to a specific function like production or sales, including executive salaries, legal fees, and other administrative costs.