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Lynnette Is a Single Individual Who Receives a Salary of $36,000

question 3

Multiple Choice

Lynnette is a single individual who receives a salary of $36,000. During 2014, she has $6,800 withheld for payment of her federal income taxes and $2,900 for her 2014 state income taxes. In 2015, she receives a $450 refund after filing her 2014 federal tax return and a $750 refund after filing her 2014 state tax return. I If Lynnette has total itemized deductions of $6,000 on her 2014 federal tax return, she must include the entire $750 refund in her 2015 gross income. II. If Lynnette uses the standard deduction in filing her 2014 federal income tax return, the $750 refund is not taxable in 2015.

Identify the role of overhead costs in budgeting, including distinctions between variable and fixed overheads.

Demonstrate the ability to prepare and adjust budgets for sales and selling expenses.

Apply concepts of just-in-time (JIT) inventory management in budgeting.

Understand the concept and significance of a cash budget in management.

Definitions:

Plowshares

Tools used in farming for cutting furrows in the soil, symbolic of peaceful applications of resources.

Coconut Consumption

The amount of coconut products, such as coconut water, meat, or oil, consumed by an individual or population.

Leisure

Time free from the demands of work or duty, when one can rest, enjoy hobbies, or engage in other personally satisfying activities.

Term Paper

A major assignment written by a student over an academic term, demonstrating their understanding of a topic.