V Is 66 Years of Age and Has Good Sight

question 52

Multiple Choice

V is 66 years of age and has good sight.V provided $8,000 of the support of his elderly mother, who lives in a rest home and whose only income is Social Security benefits of $6,200.What is V's filing status and how many exemptions may he claim?

• A)Head of household and two
• B)Head of household and one
• C)Single and two
• D)Single and one

---

Definitions:

Inventory Shrinkage

The loss of products between point of manufacture or purchase from supplier and point of sale, often due to theft, damage, or errors.

Physical Count

The process of manually counting the actual inventory on hand to verify stock levels and account for discrepancies.

Inventory Records

Documents that track the quantity, value, and movement of products or materials a company holds in stock.

FOB Shipping Point

A shipping term indicating that the buyer assumes all risk and pays for shipping costs from the point of departure; ownership of goods transfers to the buyer when the carrier picks up the items.