The Dot Corporation Has Changed Its Year-End from a Calendar

question 84

Multiple Choice

The Dot Corporation has changed its year-end from a calendar year-end to August 31. The income for its short period from January 1 to August 31 is $48,000. The tax for this short period is:

• A)$4,800
• B)$7,200
• C)$8,667
• D)$12,000

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Definitions:

Federalism

A system of government in which power is divided between a central (national) government and regional (state or provincial) governments.

Directly Elected

Describes a system where officials are chosen by voters directly, rather than by an intermediary body or appointment.

Article II

A section of the United States Constitution that outlines the executive branch of the federal government, including the powers and responsibilities of the president.

Convene Congress

To convene Congress means to bring together the members of the United States Congress, which includes both the Senate and the House of Representatives, for a legislative session.