On April 1, Martha Opens a Joint Bank Account with Ned

question 25

Multiple Choice

On April 1, Martha opens a joint bank account with Ned and deposits $1,000. Ned deposits $500 into the account on April 2. On May 2, Martha withdraws $750. Two days later, Ned withdraws $600.

• A)Martha has made a gift to Ned of $100.
• B)Ned has made a gift to Martha of $500.
• C)Martha has made a gift to Ned of $600.
• D)Martha has made a gift to Ned of $1,000.

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Definitions:

Buyer

A person or entity that purchases goods or services from another; the purchaser in a transaction.

Arbitration

A type of alternative dispute resolution wherein disputes are submitted for resolution to private non-official persons selected in a manner provided by law or the agreement of the parties.

Dispute Resolution

The process of resolving disagreements between parties through negotiation, mediation, arbitration, or legal proceedings.

Private

Relating to or intended for an individual or group rather than the public or the state; not governmental.