Don's Records Contain the Following Information: 1

question 893

Multiple Choice

Don's records contain the following information: 1. Donated stock having a fair market value of $3,600 to a qualified charitable organization. He acquired the st months previously at a cost of $2,400.
2) Paid $700 to a church school as a requirement for the enrollment of his daughter.
3) Paid $200 for annual homeowner's association dues.
4) Drove 400 miles in his personal auto. The travel was directly related to volunteer services he performed for h church.
How much can Don deduct as a charitable contribution?

• A) $3,156
• B) $3,656
• C) $3,356
• D) $2,456

---

Definitions:

Total Revenue

The sum of all payments received by a company for its products or services, not accounting for any expenses.

More Elastic

A term describing demand that is highly responsive to changes in price.

Quantity Demanded

The specific amount of a good or service consumers are willing to buy at a given price during a specific period.

Elasticity Coefficient

A numerical measure of the responsiveness of the quantity demanded or supplied of a good to a change in one of its determinants, like price.