Answer the following statements true (T) or false (F)
1. A sole proprietor is required to use the same reporting period for both business and individual tax information.
2. S corporations are flow-through entities in which S income is allocated to shareholders.
3. S corporations must allocate income to shareholders based on their proportionate stock ownership.
4. The check-the-box regulations permit an LLC to be taxed as a C corporation.
1. TRUE
2. TRUE
3. TRUE
4. TRUE
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Products that have been started but are only partially complete at the end of the accounting period are known as
a. materials. b. work in process. c. finished goods. d. cost of goods sold.
When we make “blanket judgments,” we tend to think in generalities, thereby ignoring which of the following?
A. similarities B. the people themselves C. groupthink D. differences
Answer the following statements true (T) or false (F)
1. Allowing hotel guests to make restaurant reservations by touch-screen television is an example of co-production. 2. If guests co-produce their own experiences, they take more ownership of service failures. 3. Tipping is an example of how guests can motivate employee behavior. 4. Co-production usually increases the time required for service.
Ben recently paid off his school loans and is looking to buy a home. He has qualified for an APR of 5.2% and plans on making payments for the next 15 years. He anticipates he can afford a monthly payment of $660.00. How much of a mortgage can Ben afford?
A) $60,000 B) $82,371 C) $87,440 D) $91,000 E) None of the above