Robert Entertains Several of His Key Clients on January 1

question 146

Multiple Choice

Robert entertains several of his key clients on January 1 of the current year.Expenses paid by Robert are as follows:
Cab fare
$ 60
Cover charge at supper club
200
Dinner at club
800
Tips to waiter
160
​
Presuming proper substantiation,Robert's deduction is:

• A)$610.
• B)$640.
• C)$740.
• D)$1,220.
• E)None of these.

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Definitions:

GDP

Gross Domestic Product, a measure of a country's economic performance, representing the total value of all goods and services produced over a specific time period.

Real GDP

Gross Domestic Product adjusted for inflation, measuring the value of all finished goods and services produced within a country's borders in a specific time period.

Military Aircraft

Aircrafts designed for use in warfare, including fighters, bombers, and transport planes.

GDP Deflator

A gauge for assessing the price rates of all new, locally manufactured, end goods and services in a country, applied to recalibrate nominal GDP to real GDP.