You Want to Import $45,000 Worth of Rugs from India

question 55

Multiple Choice

You want to import $45,000 worth of rugs from India. How many rupees will you need to pay for this purchase if one rupee is worth $.0218?

• A) 1,843,010Rs
• B) 2,032,018Rs
• C) 2,064,220Rs
• D) 2,075,002Rs
• E) 2,076,289Rs

---

Definitions:

Primarily Personal

Indicates the use of property or resource predominantly for the owner's personal purposes and enjoyment rather than for business or rental.

Personal/Rental

Relates to property used for both personal and rental purposes, requiring specific tax treatment and allocation of expenses for each use.

Allocate Expenses

The process of assigning costs to specific cost centers or accounts based on their usage or benefit received.

Royalties

Payments made to the owners of intellectual property, such as patents, copyrights, and trademarks, usually based on a percentage of revenue generated from their use.