Table 10-2
the Table Below Contains Data for the Country

question 74

Multiple Choice

Table 10-2
The table below contains data for the country of Crete for the year 2010. $\begin{array}{l|l}\hline \text { Total income } & \$ 5731 \\\hline \text { Household purchases of durable goods } & \$ 1108 \\\hline \text { Household purchases of nondurable goods } & \$ 702 \\\hline \text { Household purchases of non-education services } & \$ 203 \\\hline \text { Household purchases of education services } & \$ 302 \\\hline \text { Household purchases of new housing } & \$ 816 \\\hline \text { Purchases of capital equipment } & \$ 333 \\\hline \text { Inventory changes } & \$ 75 \\\hline \text { Purchases of new structures } & \$ 267 \\\hline \text { Depreciation } & \$ 401 \\\hline \text { Local government spending on goods and services } & \$ 236 \\\hline \text { State government spending on goods and services } & \$ 419 \\\hline \text { Federal government spending on goods and services } & \$ 1182 \\\hline \text { Transfer payments } & \$ 707 \\\hline \text { Foreign purchases of domestically produced goods } & \$ 217 \\\hline \text { Domestic purchases of foreign goods } & \$ 129\end{array}$

-Refer to Table 10-2. What were Crete's net exports in 2010?

• A)-$217
• B)-$88
• C)$88
• D)$217

Recognize the role and types of audits conducted by the IRS.

Understand the concepts of tax-exempt and tax-deferred income.

Comprehend the taxation of foreign earned income and its exceptions.

Analyze the impact of tax laws on personal financial planning.

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Definitions:

Beginning Inventory

The value of goods available for sale at the start of an accounting period.

Production Planning

The process of determining the production schedule, indicating how, when, and by whom specific products will be produced.

Production Budget

An estimate of the total cost of production that includes direct labor, materials, and overhead expenses for a specific period.

Labour Requirements

The amount and type of labor necessary to produce a certain quantity of goods or to provide services.