Ron, Age 19, Is a Full-Time Graduate Student at City

question 45

Multiple Choice

Ron, age 19, is a full-time graduate student at City University.During 2017, he received the following payments: $\begin{array}{lr}\text { Cash award for being the outstanding resident adviser } & \$ 1,500 \\\text { Resident adviser housing } & 2,500 \\\text { State scholarship for ten months (tuition and books) } & 6,000 \\\text { State scholarship (meals allowance) } & 2,400 \\\text { Loan from college financial aid office } & 3,000 \\\text { Cash support from parents } & 2,000\\&\$17,400\end{array}$ ? Ron served as a resident adviser in a dormitory and, therefore, the university waived the $2,500 charge for the room he occupied.What is Ron's adjusted gross income for 2017?

• A)$1,500.
• B)$3,900.
• C)$9,000.
• D)$15,400.
• E)None of these.

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Definitions:

Percent

A ratio or fraction expressed as part of 100, used to describe proportions, rates, or relative quantities.

Unit Price

The cost per unit of quantity, making it easier to compare the cost of items that are sold in different quantities.

Ounce

A unit of weight in the avoirdupois system, equal to 1/16 of a pound or approximately 28.35 grams.

Loaf

A shaped mass of baked bread.