If a small business has employees, it must have an EIN (Employer Identification Number).
Answer the following statement true (T) or false (F)
True
Virtually all businesses must have an Employer Identification Number for tax purposes.
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Specialty products normally require wide distribution to sell sufficient quantities to meet profit goals.
Answer the following statement true (T) or false (F)
The lessor capitalizes and amortizes initial direct costs for all types of leases except
a. sales-type leases. b. operating leases. c. direct-financing leases. d. There are no exceptions.
Explain step-by-step how average-cost pricing would be used to set the exact price of a product. What is the primary risk associated with average-cost pricing?Step 1: Calculate the total costs expected to produce the product.Step 2: Forecast the number of units expected to be sold.Step 3: Divide the total cost by the number of units to determine the average cost per unit.Step 4: Add the desired profit margin to the average cost per unit to determine the average price per unit.
What will be an ideal response?
Which of the following committees typically initiates tax legislation?
A. Senate Tax Committee. B. Senate Finance Committee. C. Joint Conference Committee. D. House Ways and Means Committee. E. None of the choices are correct.