All 50 States and the District of Columbia Sponsor at Least

question 22

Multiple Choice

All 50 states and the District of Columbia sponsor at least one type of this savings,which is when funds are set aside to go toward post-secondary education expenses.

• A)Certificate of deposit
• B)529 plan
• C)Savings bonds
• D)401(k)plan

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Definitions:

Financial Statements

Papers that give a summary of a company's financial status, featuring the balance sheet, income statement, and statement of cash flows.

Prepaid Rent

Rent payments made in advance of the rental period; it is recorded as an asset until the period to which it applies passes.

Financial Statements

Documents that provide an overview of a company's financial condition, including balance sheet, income statement, and cash flow statement.

Net Income

Net income is the total profit of a company after all expenses, taxes, and costs have been subtracted from total revenue, indicating the company's profitability.