Benjamin,age 16,is Claimed as a Dependent by His Parents

question 117

True/False

Benjamin,age 16,is claimed as a dependent by his parents.During 2013,he earned $700 at a car wash.Benjamin's standard deduction is $1,350 ($1,000 + $350).

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Definitions:

Capacity

The maximum level of output that a company can sustain to produce in a given period under normal conditions.

Net Credit Period

The amount of time allowed by a seller to the buyer to pay for the goods or services purchased on credit.

Operating Cycle

A measure of the time it takes for a business to purchase inventory, sell products, and convert sales into cash.