Farm Business Documentation

What is Schedule B used for in farm business documentation?

• To report taxable income from farming activities

• To report gains from the sale of business property

• To report interest income and/or ordinary dividends

• To determine investment interest expense

What is Schedule F used for in farm business documentation?

• To report taxable income from farming activities

• To report gains from the sale of business property

• To report interest income and/or ordinary dividends

• To determine investment interest expense

What is Form 4797 used for in farm business documentation?

• To report taxable income from farming activities

• To report gains from the sale of business property

• To report interest income and/or ordinary dividends

• To determine investment interest expense

What is Form 4562 used for in farm business documentation?

• To report taxable income from farming activities

• To report gains from the sale of business property

• To report interest income and/or ordinary dividends

• To determine investment interest expense

In a sole proprietorship, earnings are taxed as _______.

• personal income to the owner

• corporate income

• business income

• sole proprietorship dividend

In a partnership, how are profits shared?

• Equally among all partners

• Based on ownership percentage

• Shared between owners

• Not shared

What is a characteristic of a C Corporation?

• Limited number of shareholders

• Double Taxation

• Pass-through taxation

• No legal distinction between owner and company

In a Sub S Corporation, earnings are _______.

• distributed to owner(s)

• retained within the corporation

• reinvested into the business

• accumulated for future expansion

An LLC (Limited Liability Company) is a type of business structure that provides its owners with limited liability.

• A sole proprietorship offering no liability protection

• A business structure providing limited liability to its owners

• A partnership with unlimited liability

• A corporation

Which of the following is not a P of Marketing?

• Product

• Place

• Price

• People