Employee contributions to qualified Individual Retirement Accounts (IRAs) and interest paid on student loans are adjusted from gross income to calculate a taxpayer's adjusted gross income

The income statement presents a summary of an entity's revenues and expenses for a period of time. Which of the following statements is true of an income statement?

A) There is net income when total expenses are greater than total revenues. B) There is a net loss when total expenses are less than total revenue. C) There is a net loss when total expenses are greater than total liabilities. D) There is net income when total revenues are greater than total expenses.

Cliff agrees with Sarah to extend the closing date of the purchase of his house for one week. Sarah agrees to pay Cliff $1,000 for this extension. This extension term is called:

A) an offer. B) an option C) a conditional term D) an acceptance E) an extension offer