Divide; Round Off Monetary Quotients to the Nearest Cent; Round

question 52

Short Answer

Divide; round off monetary quotients to the nearest cent; round non-monetary quotients to four decimal places.
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a.4.4868 ¸ 2.53
b.7.52 ¸ 0.45
c.$154.75 ¸ 75

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Definitions:

Gain

An increase in the value of an investment or asset.

Donor's Adjusted Basis

The value used for tax purposes to determine the gain or loss when property is given as a gift, generally the cost basis of the donor at the time of the gift.

Fair Market Value

The price that property would sell for on the open market, between a willing buyer and a willing seller each having reasonable knowledge of all pertinent facts.

Gift

A transfer of property or assets from one individual to another without the expectation of payment or anything in return.