What is the tax-equivalent yield of a double tax-free 4% municipal bond if the investor is in the 33% federal and 6% state tax brackets?
A) 6.35%
B) 5.97%
C) 6.56%
D) 4.26%
Answer: A
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A major rule of an administrative agency:
a. does not become final until Congress has had an opportunity to disapprove it. b. is any rule that the Office of Management and Budget finds has resulted in or is likely to result in an annual effect on the economy of at least one million dollars. c. must be published in the Federal Register prior to its becoming final, but need not be submitted to Congress. d. is a rule that will have a significant effect on competition and that becomes final if it is submitted to and approved by the President.
Net operating working capital is equal to current assets less excess cash minus the difference between current liabilities and notes payable.
Answer the following statement true (T) or false (F)
Jason sells stock with an adjusted basis of $66,000 to JJ Inc., his 60% owned corporation, for its fair market value of $60,000. JJ Inc. sells the stock three years later for $67,000. JJ Inc.'s recognized gain or loss on the sale will be
A) $0. B) ($3,000). C) $1,000. D) $4,000.
Bartosiewicz Clinic uses client-visits as its measure of activity. During January, the clinic budgeted for 3800 client-visits, but its actual level of activity was 3780 client-visits. The clinic has provided the following data concerning the formulas used in its budgeting and its actual results for January:Data used in budgeting: Fixed element per monthVariable element per client-visitRevenue - $35.80? Personnel expenses$27,800? $11.80?Medical supplies 1800? 5.80?Occupancy expenses 10,800? 1.00?Administrative expenses 6800? 0.40?Total expenses$47,200? $19.00??Actual results for January: ?Revenue$124,730? Personnel expenses$71,000??Medical supplies$22,716??Occupancy expenses$14,680??Administrative
expenses$8185????The activity variance for net operating income in January would be closest to: A. $336 U B. $8491 U C. $336 F D. $8491 F