Complex problems are those that ____.

A. have no clear boundaries
B. are unique
C. have no single optimal solution
D. all of the above


Answer: D

Business

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A discount from the list, or retail, price offered to intermediaries is a(n) ____ discount.

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Jenna Leigh is employed as a receptionist for a CPA firm, but on evenings and weekends, she bakes wedding cakes. In each of the past four years, Jenna's baking activity resulted in a net profit. This year, the activity generated a $720 net loss. Which of the following statements is true?

A. Jenna is allowed to report her $720 loss as an itemized deduction. B. The legal presumption is that Jenna's $720 loss is a business loss. C. Jenna must include the revenues from her baking activity in gross income but can't deduct any of her related expenses. D. The legal presumption is that Jenna's $720 loss is a nondeductible hobby loss.

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