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If the Applicable State Has "Opted Out" of the Federal

question 44

True/False

If the applicable state has "opted out" of the federal bankruptcy exemptions, the debtor who has resided in the state for at least the past 730 days has no choice and must claim the state exemptions and the federal nonbankruptcy exemptions.


Definitions:

Adjusted Trial Balance

A list of all accounts and their balances after adjusting entries have been made, used to prepare financial statements.

Gross Profit

The difference between revenue and the cost of goods sold, indicating the efficiency of core operations before overhead costs.

Gross Profit Percentage

A financial metric that shows the portion of revenue that exceeds the cost of goods sold, expressed as a percentage.

Net Profit Margin Ratio

An indicator of profitability, calculated as net income divided by revenue.

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