Match the Term or Phrase with Its Best Descriptor

question 76

Multiple Choice

Match the term or phrase with its best descriptor. Use each answer once, more than once, or not at all.
-standing stock

• A)catch limit
• B)dolphins and other mammal protection
• C)farming of commercial fish and shellfish
• D)catch size that reduces the population of target species
• E)incidental catch
• F)turtle exclusion devices (TEDs)
• G)maximum catch without reducing the population of target species
• H)available biomass of a target species

Identify what constitutes cash and cash equivalents.

Recognize the direct and indirect methods of reporting cash flows from operating activities.

Comprehend the process of converting accrual basis income to cash basis.

Know the major sources of cash inflows and outflows reported in the statement of cash flows.

---

Definitions:

Gross Income

The total income earned before any deductions or taxes are applied.

Standard Deduction

The fixed amount the IRS allows taxpayers to subtract from their taxable income if they do not itemize deductions, differing by filing status.

Exemption

A provision that reduces or eliminates a taxpayer's obligation to pay tax, typically based on certain conditions or qualifications.

Tax Bill

A statement from a government authority specifying the amount of tax owed by an individual or entity.