A Standard Amount Which Taxpayers Can Claim for Themselves and Dependents

question 82

Multiple Choice

A standard amount which taxpayers can claim for themselves and dependents is called a(n)

• A)allowance.
• B)deduction.
• C)exemption.
• D)exclusion.

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Definitions:

Trade Discount

A reduction in the listed price of a product or service offered by sellers to buyers in the business-to-business sales.

Break-Even Default Rate

The rate at which the losses from defaulted loans equal the income generated from interest payments in a lending portfolio.

Net 30 Credit Policy

A common credit term indicating that payment is due in full 30 days after the goods are dispatched or a service is completed.

Monthly Interest Rate

The rate of interest applied to a loan or earned from an investment throughout a one-month timeline.