Which One of the Following Is Most Apt to Qualify

question 80

Multiple Choice

Which one of the following is most apt to qualify as an itemized deduction?

• A)Interest on a credit card or charge account
• B)Unreimbursed job-related travel expenses
• C)Cost of commuting to work
• D)Life insurance premiums
• E)Traffic violation fee

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Definitions:

Opportunity Cost

The value of the next best alternative that must be forgone as a result of choosing one option over another.

Cookie

A small, sweet baked treat, often containing flour, sugar, and oil or fat, and possibly containing chocolate chips, nuts, or other ingredients.

Absolute Advantage

The ability of a country, individual, company or region to produce a good or service at a lower cost per unit than any competitor.

Comparative Advantage

A principle that states a country or individual can produce a particular good or service at a lower opportunity cost than others.