Judy Martinez, owner of Judy's Fashions,received a $12,000 tax refund. She depositedthe money in Chase Bank. The terms of theagreement are that she must leave the moneyon deposit for three years and the bank will payher 1 percent interest. Her account is aa. line of credit.b. certificate of deposit.c. checking account.d. commercial paper agreement.e. savings account.
Judy Martinez, owner of Judy's Fashions,received a $12,000 tax refund. She depositedthe money in Chase Bank. The terms of theagreement are that she must leave the moneyon deposit for three years and the bank will payher 1 percent interest. Her account is aa. line of credit.b. certificate of deposit.c. checking account.d. commercial paper agreement.e. savings account.
Chapter5: Gross Income: Exclusions
Section: Chapter Questions
Problem 6BCRQ
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Question
Judy Martinez, owner of Judy's Fashions,
received a $12,000 tax refund. She deposited
the money in Chase Bank. The terms of the
agreement are that she must leave the money
on deposit for three years and the bank will pay
her 1 percent interest. Her account is a
a. line of credit.
b. certificate of deposit.
c. checking account.
d. commercial paper agreement.
e. savings account.
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