On December 31, Lynette Used Her Credit Card to Make

question 35

True/False

On December 31, Lynette used her credit card to make a $500 contribution to the United Way, a qualified charitable organization.She will pay her credit card balance in January of the following year.If Lynette itemizes, she can deduct the $500 in the year she used the card.

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Definitions:

Opportunity Cost

The charge of overlooking the next most beneficial alternative while making a choice.

Consumer Goods

Goods that are produced and purchased for personal use, satisfying direct consumer wants and needs.

Opportunity Cost

Waiving the opportunity for improvement from multiple choices by deciding on one.

Linear Production

A type of production process where output increases at a constant rate as more inputs are added.