Mr and Mrs

question 71

Multiple Choice

Mr. and Mrs. Jelk file a joint return. They provide 65% of the financial support for David, the 14-year old son of a friend who died three years ago. David lives in the home of his aunt Sarah, who provides 35% of his financial support. Which of the following statements is true?

• A) David is a qualifying child of the Jelks.
• B) If David earns less than $4,000 gross income this year, he is a qualifying child of the Jelks.
• C) If David earns less than $4,000 gross income this year, he is a qualifying relative of the Jelks.
• D) David is neither a qualifying child nor a qualifying relative of the Jelks.

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Definitions:

Incentive To Cheat

The motivation or reason that drives individuals or organizations to break rules, norms, or agreements in order to gain an unfair advantage or benefit.

Oligopolists

Firms or entities that are part of an oligopoly, a market structure characterized by a small number of large firms dominating the market, leading to limited competition.

Non-collusive Oligopoly

A market structure where a small number of firms compete independently, without agreements or collusion between them.

Diagram

A visual representation that outlines, explains, or clarifies complex data or relationships using symbols, icons, lines, and texts.