George Is 21 Years of Age and a Full-Time Student

question 97

Multiple Choice

George is 21 years of age and a full-time student living with his parents.He had wages of $1,350 ($130 of income tax withholding) for 2014.Can George claim his exemption on his return even though his parents will claim him as a dependent on their tax return?

• A) No,George cannot claim the exemption.
• B) George and his parents can both claim the exemption.
• C) No one can claim the exemption for George.
• D) Yes,George can claim the exemption.

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Definitions:

Sales Forecasts

The process of estimating future sales. It helps businesses make informed decisions regarding inventory management, workforce needs, and financial planning.

Historical Trends

Analysis of past data to identify patterns or changes over time that may influence future outcomes or behaviors.

Economic Forecasts

Predictions about future economic conditions, including growth rates, inflation, and employment, based on current and historical data.

FA/Sales Ratio

Fixed Assets to Sales Ratio; measures the efficiency of a firm's use of its fixed assets to generate sales.