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