John Supports Kevin,his Cousin,who Lived with Him Throughout 2015

question 124

Multiple Choice

John supports Kevin,his cousin,who lived with him throughout 2015.John also supports three other individuals who do not live with him: Assume that Donna,Melissa,Morris and Kevin each earn less than $4,000.How many personal and dependency exemptions may John claim?

• A)2
• B)3
• C)4

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Definitions:

Unsecured Loan

A loan that doesn't require any collateral and is based primarily on the borrower's creditworthiness and ability to repay.

Beginning Inventory

The price of merchandise available for purchase at the commencement of a fiscal period.

Freight-in

The cost of shipping goods into a business, which is often included in the cost of inventory.

Cost of Goods

Cost of Goods refers to the direct costs attributable to the production of the goods sold by a company, including materials and labor.