Thelma Works at a Liquor Store in 2014 and Makes

question 84

Multiple Choice

Thelma works at a liquor store in 2014 and makes $45,000. She also has dividend income of $12,000 and interest income of $1,000. She owns a beach house that gives her $11,000 in net rental income and she owns a stake in a limited partnership that generates a $15,000 loss. What is her adjusted gross income in 2014?

• A)$58,000
• B)$45,000
• C)$69,000
• D)$57,000
• E)$54,000

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Definitions:

Capital Expenditure

Resources utilized by an organization for the purpose of purchasing, improving, and preserving tangible assets like land, factories, or machinery.

Cash Flow

The sum of monetary movements into and from a business, critically defining its liquid cash assets.

Common Stockholders

Individuals or entities that own shares of common stock in a corporation, giving them rights to dividends and voting in shareholder meetings.

Limited Partners

Investors in a partnership who are not involved in day-to-day operations and whose liability is limited to the amount of their investment.