Horace Properly Completed His Form 1040EZ Tax Return and Received

question 83

Multiple Choice

Horace properly completed his Form 1040EZ tax return and received a refund from the IRS of $649. Horace had income tax withholding during the year of $2,985. His tax liability for the year was:

• A) $3,634
• B) $2,985
• C) $2,336
• D)$649

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Definitions:

Diversification

A strategy of investing in a variety of assets to reduce exposure to any single asset or risk.

Different Business Area

Various sectors or divisions within a business environment that each focus on distinct operational or market-related activities.

Concentration

The action of focusing one’s attention or mental effort on a specific object, task, or activity without getting distracted.

Fast Food Chain

A business that serves quick service food across multiple outlets, focusing on convenience, speed, and consistency.