A Tax ____________ Is an Amount Subtracted Directly from the Amount

question 58

Multiple Choice

A tax ____________ is an amount subtracted directly from the amount of taxes owed.

• A)credit
• B)exemption
• C)deduction
• D)exclusion
• E)shelter

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Definitions:

Proprietor

An individual who owns a business establishment or sole proprietorship, having full control and responsibility for its operations and profits.

Corporate Shareholders

Individuals or entities that legally own one or more shares of stock in a corporation, thus having a claim on a part of its assets and earnings.

Limited Liability

A legal structure that limits the personal financial risk of the company's shareholders to their investment in the company.

Current Services

services that are performed and paid for within the current accounting period, affecting the period's financial statements.