Use the Table Below to Answer the Following Questions

question 119

Multiple Choice

Use the table below to answer the following questions.
Table 3.5.3
Demand and supply schedules for designer sport t-shirts at CoolU

-Refer to Table 3.5.3.In a television interview,Joe Cool shows off his designer sport t-shirt,setting off a new craze that doubles business at the sportswear establishments.This would be represented as a

• A)movement up along the demand curve.
• B)rightward shift of the demand curve.
• C)leftward shift of the demand curve.
• D)rightward shift of the supply curve.
• E)leftward shift of the supply curve.

Identify the income thresholds for qualifying relatives and benefits.

Comprehend the importance of Adjusted Gross Income (AGI) in tax calculations.

Understand the requirements for qualifying child and relative exemptions, including tests that must be passed.

Understand the criminal penalties associated with tax fraud.

---

Definitions:

Multiple-Step Statement

An income statement format that separates operating revenues and expenses from non-operating ones, calculating income at several levels.

Single-Step Statement

A simplified income statement that calculates net income by subtracting total expenses directly from total revenue with one step.

Gross Profit

is the financial gain obtained after subtracting the cost of goods sold (COGS) from total revenue.