A Statement of Assets and Liabilities of Any Business Entity

question 145

Multiple Choice

A statement of assets and liabilities of any business entity is called

• A) an income statement.
• B) a cash flow statement.
• C) a balance sheet.
• D) a statement of net worth.

---

Definitions:

Taxable Income Interval

A range of income subject to taxation, often determined by tax brackets.

Single Mother

A woman who has a child or children and is raising them without the support of their other parent.

Head of Household

A tax filing status for unmarried individuals who provide the main source of support for one or more qualifying persons in their home.

Taxable Income

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