Realizing That You Did Not Study as Much as You

question 13

Multiple Choice

Realizing that you did not study as much as you needed to for this exam,you start to take the test.However,it is difficult to concentrate because your heart is racing,your stomach seems tied in a knot,you are breathing too quickly,and your mouth is dry.Most likely,you are experiencing the effects of the ________.

• A)motor nervous system
• B)sympathetic division
• C)parasympathetic division
• D)central nervous system

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Definitions:

Fair Market Value

The price at which an asset would be bought or sold in an open market.

Tax Consequences

The financial effects of transactions on tax liabilities, including how investments, income, or deductions affect taxes owed.

Basis

The initial value of an asset for tax purposes, usually the purchase price, used to calculate gains or losses when the asset is sold.

Recognized Gain

The profit realized from the sale or exchange of an asset over its adjusted basis.