In a Sole Proprietorship,the Profits Earned by the Business Are

question 280

Multiple Choice

In a sole proprietorship,the profits earned by the business are:

• A)Taxed as income for the business,but is exempt from the personal income tax paid by the owner.
• B)Taxed at the lowest corporate rate.
• C)The property of the owner,except for taxes owed to the government.
• D)Tax-free if the appropriate exemption is filed with the local government.

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Definitions:

Papal States

A series of territories in the Italian Peninsula that were directly governed by the Pope from the 8th century until 1870.

Francesco Crispi

An Italian statesman and a key figure in the unification of Italy who served as Prime Minister at various times between 1887 and 1896.

Political Alliances

Agreements between two or more parties, often countries, to work together toward common goals.

Northern Industrialists

Entrepreneurs and business owners in the northern United States before and during the Civil War who benefited from and supported industrialization and the abolition of slavery.