Question
1. It is recommended that tax records be kept Group of answer choices 7 years, because most IRS audits occur within three years of filing
1. It is recommended that tax records be kept
Group of answer choices
7 years, because most IRS audits occur within three years of filing a return.
7 years, because most IRS audits occur within five years of filing a return.
3 years, because most IRS audits occur within three years of filing a return.
5 years, because most IRS audits occur within five years of filing a return.
2. Which of the following is an asset?
Group of answer choices
Home mortgage
Student loans
Automobile
Credit card balance
3.
Liquid assets are
Group of answer choices
cash or near-cash assets that can be easily converted to cash without loss of value.
assets you can easily sell.
assets related to water and mineral rights.
assets that are used for investment purposes.
4.
Which of the following best defines market value?
Group of answer choices
The price that was paid for the asset
The price that an asset could be sold for today
The purchase price of an asset minus depreciation
The purchase price of an asset plus depreciation
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