BUS 378 Knowledge Check Quiz 1
BUSÂ 378 Knowledge Check Quiz 1
Question 1 (1 point)
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A Corporation files form 1120S, an S Corporation files form 1120, a Partnership files form 1065, and a sole proprietorship files a Schedule C attached to an individuals form 1040.Â
Question 1 options:
True
False
Question 2 (1 point)
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Capital gains are treated more favorably than ordinary income when
Question 2 options:
they are both long term and short term capital gains
they are long term capital gains
they are not treated more favorably
they are short term capital gains
Question 3 (1 point)
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Municipalities generally rely on which type of taxes to raise the revenues it needs?
Question 3 options:
Property tax
Sales tax
Value added tax
Excise tax
Question 4 (1 point)
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What type of business files their own informational tax return and the income derived from the business is taxed directly to the owners as there is no taxation on the business itself?
Question 4 options:
Estates and trusts
C corporations
Partnership
Sole proprietorship
Question 5 (1 point)
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Corporations must pay estimated tax payments if they expect to owe tax of $1,000 or more when their return is filed
Question 5 options:
True
False
Question 6 (1 point)
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The Tax Cuts and Jobs Act changes created a flat tax for corporations. What is the flat tax rate on a corporations taxable income?
Question 6 options:
35%
15%
20%
21%
Question 7 (1 point)
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Self-employment tax (SE tax) is a social security and Medicare tax primarily for individuals who work for themselves
Question 7 options:
True
False
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Answers
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Posted 24 Mar 2024 10:03 PM
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file 1711318884-BUS 378 Knowledge Check Quiz 1.docx preview (201 words )
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