Secondary data consist of ________
A) information collected for the specific purpose at hand
B) data that does not age
C) information that already exists somewhere, having been collected for another purpose
D) information collected from conducting personal, in-depth interviews
E) data that is unreliable and unsuitable for the purpose of making marketing decisions
C
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In 2016, Smith, a divorced person, provided over one-half the support for his widowed mother, Ruth, and his son, Clay, both of whom are U.S. citizens. During 2016, Ruth did not live with Smith. She received $9,600 in Social Security benefits. Clay, a full-time graduate student, and his wife lived with Smith. Clay had no income but filed a joint return for 2016, owing an additional $500 in taxes on his wife's income. How many exemptions was Smith entitled to claim on his 2016 tax return?
a. 2 b. 4 c. 3 d. 1
For purposes of determining gross income, which of the following is true?
a. A mechanic completed repairs on an automobile during the year and collects money from the customer. The customer was not satisfied with the repairs and sued the mechanic for a refund. The mechanic can defer recognition of the income until the suit has been settled. b. A taxpayer who finds a wallet full of money is required to recognize income even though someone may eventually ask for the return of the money. c. Embezzlement proceeds are not included in the embezzler's gross income because the embezzler has an obligation to repay the owner. d. All of these are false. e. All of these are true.