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Olga's Proprietorship Earned a Net Profit of $95,000 During the Year

question 19

True/False

Olga's proprietorship earned a net profit of $95,000 during the year and she withdrew $70,000 of this profit. Olga must report $70,000 net income from the proprietorship on her individual income tax return (Form 1040).


Definitions:

Gardner's Theory

A model proposed by Howard Gardner that suggests intelligence is multi-faceted, consisting of different modalities such as linguistic, logical-mathematical, and interpersonal intelligence.

Unrelated Abilities

Skills or competencies that do not influence each other; possessing one does not imply competence or performance in the other.

"g" Factor

Refers to the general intelligence factor, a construct that cognitive psychologists argue underlies the specific abilities measured by intelligence tests.

Overlapping Skills

Overlapping skills are abilities or competencies that are applicable and useful in multiple areas or disciplines, often enhancing versatility and adaptability.

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