Secondary Data

question 94

Multiple Choice

Secondary data

• A) may provide some background, but never provides the answer.
• B) is information that has been collected already.
• C) is rarely available and is expensive.
• D) is specifically collected to solve a current problem.
• E) can be in the form of online surveys or observations.

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Definitions:

Average Annual Gross Receipts

The average amount of money received by a business before any deductions over a specified period, typically 3 to 5 years.

Subject

In general terms, this refers to the main topic or entity being discussed or analyzed.

FMV

Fair Market Value; the price an asset would sell for on the open market between a willing buyer and a willing seller.

Basis

The amount of investment in an asset for tax purposes, used to calculate gain or loss on the asset's sale.