Carolyn and Craig Are Married

question 61

Multiple Choice

Carolyn and Craig are married.They have two children (8 years old and 13 years old) living with them.How many dependency exemptions are claimed on Carolyn and Craig's 2016 tax return?

• A)0
• B)1
• C)2
• D)3
• E)4

---

Definitions:

Interest Expense

An entity's expense from acquiring funds through loans over a specific time frame.

Notes Payable

Written agreements where a borrower agrees to pay back a sum of money to a lender by a certain date.

Cash

An asset account representing currency or currency equivalents that can be accessed immediately or near-immediately.

Salaries and Wages Expense

The total amount spent by a company on its employees' salaries and wages over a specific period.