Gail Owes $5,000 in Unpaid Taxes

question 44

Multiple Choice

Gail owes $5,000 in unpaid taxes. Using the back of an old t-shirt, she executes an instrument for $5,000 that otherwise meets the requirements for negotiability. This instrument is likely

• A) ​negotiable.
• B) ​nonnegotiable, because an instrument must be on paper.
• C) ​nonnegotiable, because a t-shirt is not sufficiently permanent.
• D) ​nonnegotiable, because the government does not appreciate it.

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Definitions:

Biologically Based

Pertains to characteristics or processes that are rooted in biological factors, including genetic, neurological, or physiological origins.

Looking-Glass Self

The concept that individuals develop self-images based on how they believe others perceive them.

Worse than Average Effect

The cognitive bias where individuals undervalue their own qualities and abilities in comparison to others.

Social Comparison Theory

A theory positing that individuals determine their own social and personal worth based on how they stack up against others.