It Is Important to Distinguish Between Temporary and Permanent Book-Tax

question 15

Multiple Choice

It is important to distinguish between temporary and permanent book-tax differences for which of the following reasons?

• A) Temporary book-tax differences will reverse in future years whereas permanent differences will not.
• B) Certain corporations are required to disclose book-tax differences as permanent or temporary on their tax returns.
• C) Both A and B are reasons for why a corporation might distinguish between temporary and permanent differences.
• D)Neither temporary nor permanent book-tax differences will reverse in future years nor are certain corporations required to disclose book-tax differences as permanent or temporary on their tax returns.

Understand the principles and weaknesses of 360-degree evaluations.

Recognize the importance of feedback training for raters in performance evaluations.

Acknowledge the suitability of team evaluations for companies with a total-quality management philosophy.

Identify the training needs for supervisors in performance evaluation programs.

---

Definitions:

Social Security

A government program designed to provide financial assistance to elderly, disabled, and survivors through retirement benefits, disabilities, and other means.

Tax Revenue

The income collected by the government from taxes.

National Debt

The cumulative sum of funds borrowed by a nation's government, usually due to spending more than it earns.

Budget Deficits

The situation where a government's expenditures exceed its revenues in a given fiscal period, leading to borrowing or printing of money.