Reference no: EM132556774

Question 1: Ending inventory

a. increases Cost of Goods Sold.

b. decreases Cost of Goods Sold.

c. does not affect Cost of Goods Sold.

d. increases Sales.

Question 2: The tax form that is used by corporations to report taxable income is called

a. Form 1120.

b. Form 1065.

c. Form 1040.

d. Form 1030.

Question 3: Under the United States tax code, there are ____basic reporting entities.

a. five

b. two

c. three

d. four

Question 4: The tax form used by individual taxpayers to report business income is called

a. Schedule A.

b. Schedule B.

c. Schedule C.

d. Schedule D.

Question 5: The tax form that is used by individual taxpayers to report self-employment tax is called

a. Schedule C.

b. Schedule D.

c. Schedule F.

d. Schedule SE.

Question 6: The tax form used by S corporations to report taxable income is called

a. Form 1120.

b. Form 1120S.

c. Form 1040.

d. Form 1030.