Randolph Scott Operates a Business as a Sole Proprietorship

question 99

Multiple Choice

Randolph Scott operates a business as a sole proprietorship.This year his net profit was $10,570.For tax purposes this amount should be reported on:

• A)Schedule C,Statement of Profit or Loss from Business
• B)The first page of Form 1040 as other income
• C)A separate tax return prepared for the business operation
• D)Schedule E,Statement of Rent and Royalty Income

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Definitions:

Style Of Life

An individual's unique way of achieving superiority and fulfilling social interest, a concept introduced by Alfred Adler.

Organ Inferiority

A notion by Adler suggesting that individuals compensate for physical or psychological deficiencies by developing certain skills or behaviors.

Individuality

The quality or state of being individual; distinct characteristics and traits that make one person or thing different from all others.

Dominant Type

A concept often used in personality theories to describe a predominant trait or behavior pattern that characterizes an individual's personality.