Answer the following statements true (T) or false (F)
1. A child credit is a partially refundable credit.
2. The only business entity that pays federal income taxes is the C corporation.
3. The annual tax reporting form filed with the IRS by C corporations is the Schedule C.
4. A $10,000 gain earned on stock held 13 months is taxed in a more favorable manner than a $10,000 gain earned on stock held 11 months.
5. A building used in a business is sold after five years of use for a gain. The gain will be treated as a long-term capital gain.
1. TRUE
Generally, the refundable credit is limited to the lesser of (1) 15% of the taxpayer's earned income in excess of $2,500 or (2) $1,400 (if the taxpayer has one or two qualifying children).
2. TRUE
S corporations and partnerships are both flow-through entities. Sole proprietors report the sole proprietorship income directly on their individual income tax return.
3. FALSE
C corporations file Form 1120. Sole proprietors report business income on Schedule C, which is included with individual's Form 1040.
4. TRUE
Lower tax rates apply to long-term capital gains.
5. FALSE
Depreciable business property is excluded from the definition of a capital asset.
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Damage control and greenwashing are essentially the same public relations practices
Indicate whether the statement is true or false
A retail sales technique in which many items are grouped together in a printed piece or an online store is referred to as ________ marketing.
Fill in the blank(s) with the appropriate word(s).
____ is the direct outgrowth of dividing work and creating departments.
a. Departmentalization b. Centralization c. Formalization d. Complexity
Proctor and Gamble announced that it would sell off or close down up to 100 of its brands. This is an example of which turnaround strategy used by successful companies?
A. global expansion B. piecemeal productivity improvements C. asset and cost surgery D. selective product and market pruning