Exhibit 35-5   Refer to Exhibit 35-5

question 39

Multiple Choice

Exhibit 35-5   Refer to Exhibit 35-5.  Based on the information provided in this table, between Monday and Tuesday, the U.S. dollar ____________ against the Mexican peso and the peso _____________ against the U.S. dollar.

• A)appreciated; appreciated
• B)depreciated; appreciated
• C)appreciated; depreciated
• D)depreciated; depreciated

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Definitions:

Tax Liability

The total amount of taxes an individual or organization is legally obligated to pay to a taxation authority.

Taxable Income

The amount of income used to determine how much tax an individual or a company owes to the government.

Taxable Income

The portion of an individual's or corporation's income that is subject to taxes according to federal, state, or local laws.

Tax Liability

The total amount of tax that an individual or business owes to the government.