A process begun by citizens to change a state statute or constitution by popular election was the
a. initiative.
b. legislative ballot.
c. referendum.
d. signature measure.
a
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Two major types of authority used in organizational structural arrangements are:
a. rank and file b. functional and nonfunctional c. line and staff d. formal and informal e. necessary and extraneous
The cost of selling one unit of a product is called ________.
A. cost of materials B. cost of goods sold C. cost of services sold D. marginal cost
Carly donated inventory (ordinary income property) to a church. She purchased the inventory last month for $100,000, and on the date of the gift, it had a fair market value of $92,000. What is her maximum charitable contribution deduction for the year related to this inventory if her AGI is $200,000?
A. $100,000. B. $46,000 if the church sells the inventory. C. $60,000. D. $92,000. E. None of the choices are correct.
Answer the following statements true (T) or false (F)
1. A cash-basis taxpayer pays a bill with a credit card. The underlying expenditure is not deductible until the credit card bill is paid. 2. If a cash-basis taxpayer gives a note in payment of an expense, the deduction may not be taken until the note is paid. 3. The all-events test requires that the accrual-basis taxpayer report income when all events have occurred that fix the taxpayer's right to the income and when the amount can be determined with reasonable accuracy. 4. Under the accrual method of accounting, the two tests to determine when income must be reported and expenses deducted are the all-events test and the economic performance test. 5. One criterion which will permit a deduction for an expenditure by the accrual-basis taxpayer prior to economic performance is that either the amount is not material or the earlier accrual of the item results in a better matching of income and expense.