George Is 65 Years Old

question 120

Multiple Choice

George is 65 years old.He supports his father who is 90 years old,blind,and has no income.How many exemptions should George claim on his tax return?

• A) 1
• B) 2
• C) 3
• D) 4

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Definitions:

Financial Ratios

Quantitative measures used to assess various aspects of a company's financial health and performance.

Financial Planning

The process of estimating the capital required and determining the company's competition, involves formulating financial policies in relation to procurement, investment, and administration of funds.

Income Statement

A financial statement that shows a company's revenues, expenses, and profit or loss over a specific period of time.

Balance Sheet

A balance sheet is a financial statement that shows a company's assets, liabilities, and shareholders' equity at a specific point in time, providing insight into its financial health.