Which of the Following Would Not Likely Be a Reason

question 10

Multiple Choice

Which of the following would not likely be a reason for preparing personal financial statements?

• A)Obtaining personal credit
• B)Determining the tax basis of marketable securities
• C)Income tax planning
• D)Retirement planning
• E)Estate planning

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Definitions:

Service Organizations

Businesses that provide services instead of tangible products to customers or other businesses.

Preferential Tariff

A reduced tariff rate applied to imports from certain countries, often part of a trade agreement to promote trade by lowering the cost of imported goods.

Licenses

are legal permissions granted by authorities or companies to individuals or entities, allowing them to carry out certain activities that would otherwise be prohibited.

Competitive Advantage

The attribute that allows an organization to outperform its competitors.