________ is the difference between revenue earned and expenses incurred.

A. Liability
B. Gap ratio
C. Profit
D. Depreciation


Answer: C

Business

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Which of the following is a feature of an S Corporation??

A. ?An S Corporation is required to have more than 100 stockholders. B. ?An S Corporation is required to have more than one type of stock outstanding. C. ?The income of an S Corporation is taxed as capital gains to the owners. D. ?The income of an S Corporation is taxed twice, at the corporate level and the owner level. E. ?The income of an S Corporation is taxed the same as income earned by proprietorships and partnerships.

Business

The formation of Molly Maguires from the _______ was an effort of early social reform.

a. Pennsylvania coal mines b. Texas and Oklahoma oil rigs c. Washington and Oregon apple orchards d. police forces in New York City and Chicago e. Virginia tobacco farms

Business

Where is treasury stock reported on a corporation's balance sheet?

A. As a deduction from total stockholders' equity, following retained earnings B. As an addition to total paid-in capital C. As a deduction from retained earnings D. As a deduction from total paid-in capital

Business

What type of transactions are covered under the Magnuson-Moss Warranty Act?

A. consumer transactions B. commercial transactions C. industrial transactions D. governmental transactions

Business