Decide Whether the Statement Makes Sense

question 102

Essay

Decide whether the statement makes sense. Explain your reasoning.
-Juan won't have to pay any taxes this year. The profit from his business was less than the
amount of the standard deduction.

---

Definitions:

Security Agreement

A legal contract that grants a lender a security interest in an asset or property offered as collateral for a loan.

Assigned

Transferred or allocated to a party or for a specific purpose.

Repossess

The act of taking back goods or property by a seller or lender from the buyer or borrower, usually due to failure to meet the terms of the sale or loan agreement.

Deficit

A financial situation where expenditures exceed revenue.