Student Answer: 15%
20%
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2. Question : Which of the following business entities does not file a separate tax return to report business operations?
Student Answer: Sole proprietorship
S corporation
C corporation
Partnership
3. Question : Hoku Corporation (a C corporation) had the following history of income and loss:
Year Income (Loss)
2009 $40,000
2010 $70,000
2011 ($10,000)
How much of a tax refund can Hoku Corporation receive by carrying back its 2011 loss?
Student Answer: $1,500
$2,500
$3,500
None; it cannot carry its loss back
4. Question : Which of these persons never pays taxes directly?
Student Answer: Individual
Partnership
C corporation
Fiduciary
5. Question : Which of the following is not a characteristic of an S corporation?
Student Answer: Owners have limited liability
The corporation is taxed directly on operating income
The corporation can have no more than 100 shareholders
Shareholders must consent to the S election by the corporation
6. Question : The Mercury Corporation must decide whether to invest in some new machinery for its business. Which tax rate is the most relevant for making this decision?
Student Answer: The average tax rate
The marginal tax rate
The nominal tax rate
The effective tax rate
7. Question : What is the gain or loss on the sale of an asset for $68,000 if the asset cost $185,000, depreciation expense deducted was $124,000, repair costs were $12,000, and there was a $19,000 major addition to the asset?
Student Answer: $0
$12,000 loss
$7,000 gain
$24,000 loss
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