Kristin Has AGI of $120,000 in 2012 and 2013

question 7

Multiple Choice

Kristin has AGI of $120,000 in 2012 and 2013.She makes cash contributions to the American Cancer Society of $63,000 in 2012 and $65,000 in 2013.Kristin's charitable contribution carryover from 2013 is:

• A)$ - 0 -
• B)$ 3,000
• C)$ 5,000
• D)$ 8,000
• E)$34,000

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Definitions:

Demand Decreases

A situation where the quantity of a good or service that consumers are willing and able to purchase at a given price declines.

Expenditure

The action of spending funds or the amount of money spent on various items or services.

Price Ceiling

A government-imposed limit on how high a price can be charged for a product or service, intended to protect consumers.

Quantity Supplied

The total amount of a good or service that sellers are willing and able to sell at a given price over a specified period.