The Form of Business Organization That Accounts for Just Over

question 178

Multiple Choice

The form of business organization that accounts for just over 80 percent of all sales revenues in the United States is the

• A) sole proprietorship.
• B) partnership.
• C) corporation.
• D) joint venture.
• E) syndicate.

---

Definitions:

Deferred Tax Asset

A tax reduction amount that can be used to offset future tax liabilities.

Income Tax Rate

The fraction of income that individuals or businesses must pay as taxes.

Statutory Tax Rate

The tax rate prescribed by law that applies to income, sales, or other taxable activities.

Effective Tax Rate

The mean rate at which a person or company pays taxes, determined by dividing the total amount of tax paid by the taxable earnings.