Wilma Has a $45,000 Certificate of Deposit (CD)at the Local

question 6

Multiple Choice

Wilma has a $45,000 certificate of deposit (CD) at the local bank. The interest on this certificate, $2,700, was credited to her account this year, but she must pay an early withdrawal penalty if she cashes in the CD before next year. Which of the following is a true statement?

• A)Wilma must include the $2,700 of interest in her income this year.
• B)Wilma must include the $2,700 of interest in her income when she cashes the CD.
• C)Wilma must include the $2,700 of interest in her income this year only if the bank waives the early withdrawal penalty.
• D)Wilma must include the $2,700 of interest in her income next year if she does not pay the early withdrawal penalty.
• E)All of the choices are correct.

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Definitions:

Acculturation

The process of cultural exchange and adaptation that occurs when two or more cultures come into direct continuous contact, leading to changes in the original cultural patterns of either or both groups.

Cultural Evolution

Cultural change over time- not to be confused with progress.

Ethnocide

The violent eradication of an ethnic group's collective cultural identity as a distinctive people; occurs when a dominant society deliberately sets out to destroy another society's cultural heritage.

Indigenous Peoples

Refers to ethnic groups native to a land or region, usually with distinct cultures and social institutions prior to colonization or annexation.