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7/21/2018
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Course 611061- Small Business Taxes
  Final Exam
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611061v - Small Business Taxes

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Taxation
8 CPE Credit Hours

7/21/2018
Final Exam
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Read 'Chapter 1: Filing and Paying Business Taxes' & answer the following question(s):
1. You must have an EIN if you pay wages to employees.
2. Form W-9 is used to get a payee's SSN or EIN.
3. A payee who does not provide you with an identification number may be subject to backup withholding.
4. You must pay self-employment tax if your net earnings from self-employment were $300 or more.
5. The luxury tax on the first retail sale of passenger vehicles is considered a federal excise tax.
6. One transaction cash payments in excess of $10,000 must be reported on Form 8300.
Read 'Chapter 2: Accounting Periods and Methods' & answer the following question(s):
7. Once you have chosen your tax year, you must, with certain exceptions, get IRS approval to change it.
8. You must use the same accounting method for tax purposes as you use for financial purposes.
9. The purpose of an accrual method of accounting is to:
10. Under the accrual method of accounting, you may deduct expenses before economic performance has occurred.
Read 'Chapter 3: Dispositions of Business Property' & answer the following question(s):
11. If you abandon property, it is considered a disposition of property.
12. A gain from the disposition of a non-capital asset may be treated as a section 1231 capital gain.
13. Whether a gain is long-term or short-term depends on how long you own the property before you dispose of it.
Read 'Chapter 4: General Business Credit' & answer the following question(s):
14. The work opportunity credit provides businesses with an incentive to hire individuals from targeted groups that have a particularly high unemployment rate or other special employment needs.
15. If you have ore than one current year business credit, you must file Form 3800.
16. The welfare to work credit provides businesses with an incentive to hire long-term family assistance recipients.
Read 'Chapter 5: Business Income' & answer the following question(s):
17. In a barter transaction, the fair market value of the property at the time received should be included in gross receipts.
18. Advance payments received under a lease that do not put any restrictions on their use are income in the year you receive them.
19. Generally, canceled debt is not included in gross income for tax purposes.
20. Consignments of merchandise to others to sell for you are sales for tax purposes.
Read 'Chapter 6: How to Figure Cost of Goods Sold' & answer the following question(s):
21. Containers and packages that are an integral part of the product manufactured are a part of cost of goods sold.
22. Labor costs are usually an element of cost of goods sold in a manufacturing business.
23. To be included in cost of goods sold, overhead expenses must be:
Read 'Chapter 7: Figuring Gross Profit' & answer the following question(s):
24. Items withdrawn from inventory for your own personal use must be removed from cost of goods sold.
25. Income from sources other than operations should be reported on Line 6 of Schedule C.
26. The percentage of gross profit divided by net receipts should be very close to, and maybe even exactly equal to your markup percentage.
Read 'Chapter 8: Business Expenses' & answer the following question(s):
27. To be deductible, a business expense must be either ordinary or necessary.
28. Local business transportation does not include expenses you have while traveling away from home overnight.
29. Going to a business meeting away from your regular workplace is deductible as local transportation expenses.
30. Parking fees you pay to park your car at your place of work are nondeductible commuting expenses.
31. You can generally deduct all interest you pay or accrue during the tax year on debts related to your business.
32. Entertainment expenses must pass the directly related test or the associated test.
33. An ordinary expense is one that is common and accepted in your field of business, trade, or profession.
34. You do not meet the exclusive test for home office deductions if you use the area in question for both business and personal use.
35. A necessary expense is one that is helpful and appropriate, although not necessarily required, for your business.
36. You do not have to meet the exclusive use test for home office deductions if you use part of your home for the storage of inventory or product samples or as a day care facility.
Read 'Chapter 9: Figuring Net Profit or Loss' & answer the following question(s):
Read 'Chapter 10: Self Employment Tax' & answer the following question(s):
37. Generally, you must pay self employment tax and file schedule SE if your net earnings from self employment were $400 or more.
38. Special rules and exceptions apply to fishing crew members.
Read 'Chapter 11: Your Rights as a Taxpayer' & answer the following question(s):
39. Generally, both you and your spouse are responsible, jointly and individually, for paying the full amount of tax, interest or penalty due on your joint return.
Read 'Chapter 12: How to Get More Information' & answer the following question(s):
40. The Taxpayer Advocate represents your interests and concerns within the IRS by protecting your rights and resolving problems that have not been fixed through normal channels.
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