INSTRUCTIONS: Choose the Word or Phrase in [ ] Which

question 120

Short Answer

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
A personal balance sheet provides a statement of your financial [ position | performance ].

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Definitions:

C-corp

A corporation in the United States that is taxed separately from its owners, known as shareholders, under the subchapter C of the Internal Revenue Code.

S-corp

A specific designation for a corporation that allows income, losses, deductions, and credits to be passed through to shareholders for federal tax purposes, avoiding double taxation.

Double Taxation

The financial imposition where income taxes are paid twice on the same source of earned income, often in the context of corporate profits taxed both at the corporate level and again when distributed as dividends.

Independent Contractors

Workers who provide services to a business under terms specified in a contract, rather than as employees.