Patrick Is Age 30,single,and Has AGI of $101,000

question 10

Multiple Choice

Patrick is age 30,single,and has AGI of $101,000.He would like to contribute to a Coverdell Education Savings Account (CESA) for his niece,Eileen.What is the maximum CESA contribution Patrick can make for Eileen in 2014?

• A) $0.
• B) $1,200.
• C) $1,500.
• D) $2,000.

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Definitions:

Health Care

The organized provision of medical services to individuals or communities to maintain or improve their health.

Household Budget

A budgeting strategy that distributes anticipated personal earnings into categories for spending, saving, and paying off debts.

Price Elasticity

An assessment of the sensitivity of the demand for an item to shifts in its cost.

Strawberry Ice Cream

A frozen dessert made from dairy ingredients such as milk and cream, sweetened and flavored with strawberries.