Answer: Banks Balance Sheet
Explanation:
Banks Balance Sheet
$billion
<u>ASSETS:</u>
- Cash (Paper Money & Coins) 250
- Federal Reserve Bank 170
- Deposit with other private banks 930
- Loan to Households 2,700
TOTAL ASSETS <u> 4,050</u>
<u>LIABILITIES:</u>
- Customers Deposits 2,600
- Loans 1,750
- Debts 650
TOTAL LIABILITIES <u>5,000</u>
<u>CAPITAL:</u>
-Physical capital 1,800
Answer:
A) Yes.
Explanation:
The Standard III(D) Performance Presentation enforces that all CFA members must make sure that the information given to the clients about their investment performance is fair, accurate, and complete. Therefore in this scenario the statement would be a violation of this act, because even though the statement is accurate, it is not complete and is missing too much information about the investment and all of it's details.
Answer:
Assuming Simon’s AGI is $40,000.
Gambling losses are only deductible to the extent of gambling winnings. Thus,Simon cannot deduct any of the $4,300 gambling losses. The $3,160 transportation expenses are also nondeductible as they are deemed to be personal expenses. The $2,650 broker management fees are deductible as investment fees (miscellaneous itemized deductions subject to the 2% AGI floor), and the $1,030 tax return fees are also deductible as miscellaneous itemized deductions subject to the 2% AGI floor.
Thus, $2,650 + $1,030 – (2% x $40,000 AGI) = $2,880 deduction
