How might a sole proprietorship have a possible tax advantage?
A. It does not have to make tax payments until the end of the year.
B. It does not have to pay federal income taxes.
C. It does not have to charge sales tax on its merchandise.
D. It does not pay special state and federal taxes that corporations pay.
E. It is subject to a form of double taxation.
Answer: D
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Which of the following is not a characteristic of a general partnership?
a. the partnership is created by a contract b. mutual agency c. partners share equally in net income or net losses unless an agreement states differently d. dissolution occurs only when all partners agree
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Indicate whether the statement is true or false
According to the textbook, personality traits can be inherited or influenced by our environment and upbringing. What are the two main terms that this describes?
What will be an ideal response?
Term life insurance and whole life insurance both provide a savings element in addition to
providing coverage for the insured's life. Indicate whether the statement is true or false