Corey Performs Services for Sophie

question 27

Multiple Choice

Corey performs services for Sophie.Which,if any,of the following factors indicate that Corey is an independent contractor,rather than an employee?

• A)Corey sets the work schedule.
• B)Sophie provides the tools used.
• C)Corey files a Form 2106 with his Form 1040.
• D)Corey is paid by the hour.
• E)None of the above.

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Definitions:

Cost of Goods Sold

Cost of Goods Sold is the direct costs attributable to the production of the goods sold by a company, including material and labor costs.

Quantity Discount

A price reduction offered to buyers purchasing in large volumes or amounts.

Inventory

Materials or goods a business holds for the purpose of resale or production, representing a current asset on the balance sheet.

Operating Expenses

Regular costs incurred in the operation of a business, such as wages, utilities, and rent, excluding cost of goods sold.