For the years 2014 through 2018 (inclusive) Max, a surgeon, has been involved in bowling competitions. Only in 2017 and 2018 did his revenue exceed the expenses from the activity. Which statement is correct?
A. The activity is presumed to be a hobby. However, Max may prove it is a business.
B. The activity is a hobby. Max cannot prove it is a business.
C. The activity is a business. The IRS cannot prove it is a hobby.
D. The activity is presumed to be a business. However, the IRS may prove it is a hobby.
Answer: A
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Which of the following is a correct statement regarding the United States Constitution and freedom of religion?
A. The Free Exercise Clause specifically prohibits governmental sponsorship of religion. B. The Establishment Clause specifically prohibits governmental interference with religion. C. When challenges to governmental actions affecting religion arise, courts generally resolve them by insisting that the government endorse a particular religious practice or belief. D. The First Amendment has two clauses offering constitutional protection for religion.
Which of the following is classified as a plant asset?
A. Office equipment. B. Cash. C. Office supplies. D. Patent. E. Merchandise inventory.
What type of transaction employs special committees made up of disinterested board members who review the transaction to determine if it is entirely fair to the corporation?
A) Hostile takeover B) Self-dealing C) Rational business purpose D) Corporate opportunity
What are Web services?
A. Contains a repertoire of Web-based data and procedural resources that use shared protocols and standards permitting different applications to share data and services. B. The capability of two or more computer systems to share data and resources, even though they are made by different manufacturers. C. A broad, general term that describes nonproprietary IT hardware and software made available by the standards and procedures by which their products work, making it easier to integrate them. D. A computer system designed that in the event a component fails, a backup component or procedure can immediately take its place with no loss of service.