American Express and other credit card issuers must by law print the Annual Percentage Rate (APR) on their monthly statements. If the APR is stated to be 18.00%, with interest paid monthly, what is the card's EFF%?
A. 18.58%
B. 19.56%
C. 20.54%
D. 21.57%
E. 22.65%
Answer: B
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A tool designed to assist you in evaluating the potential effectiveness of controls in a business process by matching control goals with relevant control plans is:
A. ERM B. control plans C. control matrix D. internal controls
On February 20, 2016, Bill purchased stock in Pink Corporation (the stock is not small business stock) for $1,000 . On May 1, 2017, the stock became worthless. During 2017, Bill also had an $8,000 loss on ยง 1244 small business stock purchased two years ago, a $9,000 loss on a nonbusiness bad debt, and a $5,000 long-term capital gain. How should Bill treat these items on his 2017 tax return?
a. $4,000 long-term capital loss and $9,000 short-term capital loss. b. $4,000 long-term capital loss and $3,000 short-term capital loss. c. $8,000 ordinary loss and $3,000 short-term capital loss. d. $8,000 ordinary loss and $5,000 short-term capital loss. e. $8,000 long-term capital loss and $6,000 short-term capital loss.
For Federal income tax purposes, a distribution from a partnership to a partner is treated the same as a distribution from a C corporation to its shareholders
a. True b. False Indicate whether the statement is true or false
Upon the recommendation of a friend, Hope hires Joey to rewire her kitchen and he completes the work within the time agreed. Then Hope finds out that Joey is not a licensed electrician, and she refuses to pay him for the work. A court will enforce the agreement because otherwise Hope will be unjustly enriched.
a. true b. false