3 element list specification of &optional or &key argument
(defun do-it (previous-balance additional-funds
&optional (report nil print-title))
(let ((new-balance (+ previous-balance additional-funds)))
(print "Not issuing report"))
(format t "~%current balance is ~,2f" new-balance)))
CL-USER(14): (do-it 50 10)
CL-USER(15): (do-it 50 10 t)
CL-USER(16): (do-it 50 10 nil)