Doug and Pattie Received the Following Interest Income in the Current

question 93

Multiple Choice

Doug and Pattie received the following interest income in the current year: $$\begin{array} { l r } \text { Savings account at Greenbacks Bank } & \$ 4,000 \\\text { United States Treasury bonds } & 250 \\\text { Interest on State of Iowa bonds } & 200 \\\text { Interest on Federal tax refund } & 150 \\\text { Interest on state income tax refund } & 75\end{array}$$ ? Greenbacks Bank also gave Doug and Pattie a cellular phone (worth $100) for opening the savings account.What amount of interest income should they report on their joint income tax return?

• A)$4,775.
• B)$4,675.
• C)$4,575.
• D)$4,300.
• E)None of these.

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Definitions:

Nation's GDP

The total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period.

Specialization

A production strategy where a business or country focuses on producing a limited range of goods or services to gain greater degrees of productive efficiency within an overall system.

Collective Discrimination

Discriminatory practices or attitudes shared and enacted by a group towards others, often based on race, gender, or ethnicity.

Wage Rate

The amount of money paid per unit time to an employee for their labor.