Additional types of insurance commonly offered through employers include
A) dental insurance.
B) fitness insurance.
C) vision insurance.
D) Both A and C are correct
Answer: D
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It is good financial planning to pay only the minimum credit card payment and thus maintain a balance since interest rates are low on credit cards
Indicate whether the statement is true or false.
Annual property taxes for homes are usually
A) less than 0.5% of the home value. B) 0.5% to 1% of the home value. C) 1% to 2% of the home value. D) greater than 2% of the home value.
One purpose of closing entries is to zero out the balances in the:
A. liability and capital accounts. B. revenue and expense accounts. C. expense and capital accounts. D. asset and liability accounts.
Answer the following statements true (T) or false (F)
1. Fines and penalties are tax deductible if related to the taxpayer's trade or business. 2. A sole proprietor contributes to the election campaign of a state governor. The candidate has promised to change a law that severely limits the growth of the sole proprietor's business. Given the direct benefit, the sole proprietor can deduct the contribution. 3. Taxpayers may deduct lobbying expenses incurred to influence legislation if the legislation is of direct interest to the taxpayer's trade or business. 4. Kaitlyn owns a hotel in Phoenix, Arizona. The city of Phoenix has proposed legislation to increase the hotel room tax. Kaitlyn incurs $1,000 of lobbying expenses to discourage passage of the legislation. Kaitlyn can deduct the $1,000. 5. A taxpayer opens a new business this year. Prior to opening, she incurred $45,000 of business investigation and preopening costs. The taxpayer can elect to currently deduct $5,000 and amortize the balance over 180 months.