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Category > Business & Finance Posted 24 Mar 2024 My Price 5.00

BUS 378 Knowledge Check Quiz 1

BUS  378 Knowledge Check Quiz 1

Question 1 (1 point)

 

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. 

Question 1 options:

True

False

Question 2 (1 point)

 

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)

 

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)

 

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)

 

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)

 

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)

 

Self-employment tax (SE tax) is a social security and Medicare tax primarily for individuals who work for themselves

Question 7 options:

True

False

 

Answers

(118)
Status NEW Posted 24 Mar 2024 10:03 PM My Price 5.00

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Attachments

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