Entrepreneurship 1a Unit 6 Quiz

Fredric's is trying to determine what portion of her income will actually be taxed from her "Visiting Veterinary" business. Her total income is $85,500 but she had $30,500 in expenses- which include her professional certification, travel, medical supplies, office rental, and promotion. On what portion of her income will she have to pay income tax?

$55,000

Noah was pronounced limp because of a disability. He feels he has experienced discrimination due to his disability, as he has been overlooked for job promotions for which he was qualified. What set of policies could Noah refer to that support people who have suffered?

Affirmative action

Brooklyn owns a hair salon and some of her older clients use walkers. She needs to know how she can make her salon and the floor plan more accessible and safer especially for these clients. What federal law provides valuable resources for small businesses and may be able to provide guidelines for Brooklyn?

Americans with Disabilities Act (ADA

Florence was surprised to learn about the government assistance offered to small businesses in her country's market economy in early 2020 due to the Covid-19 pandemic. What assistance did the government provide to small businesses during the pandemic?

Emergency loans

Xavier's wife was diagnosed with COVID-19 He needs to take time off work to care for her, as well as potentially avoid transmitting the virus to co-workers, even though he has been asymptomatic. What federal law addresses his need and can guide him through the process of taking off work for this reason?

Family and Medical Leave Act (FMLA)

Paisley is studying for an economics test on the functions of different federal regulatory agencies and their roles as partners with small business owners. The study guide states that she will need to explain at least one area the Federal Trade Commission oversees. What should Paisley study to be prepared for the test?

Fraudulent Practices

Two business owners are discussing the idea of merging their bottled water companies to monopolize the industry in their state. What government intervention in a market economy would prevent this potential merger?

Market regulation

Ronaldo is an employer with several employees. He has to withhold social security and medicare, among other deductions, from his employees salaries. When Ronaldo labels the various expenses and taxes in his records, what would be the MOST appropriate label for these deductions?

Payroll taxes

andrew a senior accountant was holding a meeting with other accountants in his firm. The junior accountants asked what tax system in a market economy redistributes income by taxing low income and high income earners ar different rates. Which tax system did andrew most likely reply

Progressive

Devan wants to reduce the tax burden of his business by passing on income and losses to all owners and shareholders, yet still have the income included on his individual tax return. What business ownership structure will allow Devan to pay only one level of tax?

S Corporation

The simplest tax tiles are found in a sole proprietorship

True

in a market economy small businesses pay taxes to contribute to the goods and services provided by the government that benefit all the people-like highway maintenance,mail service, and fire protection. These goods and services are known as

public goods

Hannah had to pay an additional $2.80 on her $40.00 order of supplies for her buisness. The additional $2.80 that Hannah paid on her purchase was MOST likely a ____tax

sales

After purchasing a few 12-packs of soda for a friends birthday party, RheaAnne was dismayed to see her checkout receipt was a few dollars more than she had budgeted. RheaAnne discovered she was charged an excise tax, which can be applied to discourage the purchase of certain items. An excise tax is also referred to as a _______tax

sin

The Federal Trade Commission is a key federal agency that protects consumers by stopping unfair deceptive or fraudulent practices by businesses

true