A Firm Is an Organization That Produces Goods And/or Services

question 260

True/False

A firm is an organization that produces goods and/or services for sale.

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Definitions:

Form 1040EZ

A simplified tax form for individuals with straightforward tax situations, no longer in use as of 2019.

Taxable Income

The amount of income that is used to determine how much tax an individual or a business owes to the government.

Form 1040EZ

was a simplified tax form used by individuals with straightforward tax situations, now replaced by Form 1040.

Deduction

An expense that can be subtracted from taxable income, reducing the total amount of tax owed.