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The Internal Revenue Service Allows You to Round Values to the Nearest

question 241

Multiple Choice

The Internal Revenue Service allows you to round values to the nearest dollar on your income tax return. If you entered a deduction of $247.53 rounded to the nearest dollar, what would you enter?

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Definitions:

Norms

Unwritten rules and expectations that guide behavior within a society or social group.

Lost Profit

Revenue that a business could have gained but was unable to due to some disrupting event or action.

Sales Contract

A legally binding agreement between a seller and a buyer specifying the terms of sale for goods or services.

Market Price

Market price is the current price at which an asset or service can be bought or sold in the open market.

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