Financial Information Is Presented Below: the Gross Profit Rate

question 153

Multiple Choice

Financial information is presented below: The gross profit rate would be

• A).64.
• B).42.
• C).36.
• D).37.

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Definitions:

Support

Financial assistance provided for maintenance, which can include food, housing, clothing, education, and healthcare.

Standard Deduction

A fixed dollar amount that reduces the income you're taxed on, varying by filing status and adjusted annually for inflation, available to all taxpayers who do not itemize their deductions.

Head of Household

A filing status for individuals who are unmarried and pay more than half of the costs of keeping up a home for themselves and a qualifying individual.

Dependency Exemption

A tax deduction for taxpayers who support dependents, significantly reduced with the Tax Cuts and Jobs Act of 2017.