Which of the Following Is Not a Penalty for Operating

question 3

Multiple Choice

Which of the following is not a penalty for operating a business without a required license?

• A) Fines
• B) Refusal by courts to enforce contracts of the unlicensed business
• C) Jail
• D) Mandatory attendance at an educational program

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Definitions:

Nondeductible Contributions

are contributions made to certain retirement accounts or plans that cannot be deducted from the taxpayer's income.

Taxable Portion

The segment of income, withdrawals, or distributions subject to taxation, after accounting for exemptions, deductions, or pre-tax contributions.

IRA

Individual Retirement Account, a saving tool for individuals to allocate funds for retirement, offering tax advantages.

Single Life Annuity Contract

An insurance product that provides a stream of payments for the life of a single individual, ceasing upon their death.