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Income from Business and Profession Quiz

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Income from Business and Profession Quiz

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Questions and Answers

Which of the following is a common example of income from business and profession?

Salary earned as an employee

Rental income from a residential property

Interest income from a savings account

Consulting fees received by a management consultant (correct)

Which one of the following is a deductible expense for income from business and profession?

Vacation expenses

Cost of goods sold for a retailer (correct)

Personal grocery expenses

Charitable donations

Which expense is generally deductible for income from business and profession?

Vacation expenses for the business owner

Entertainment expenses for personal use

Cost of goods sold for a retail business (correct)

Personal grocery expenses

Which of the following is an example of income from business and profession?

Consulting fees received by a self-employed individual (C) Signup and view all the answers

What distinguishes income from business and profession from capital gains?

Source of income (B) Signup and view all the answers

What distinguishes income from business and profession from salary income?

It is typically earned through self-employment or entrepreneurship (A) Signup and view all the answers

Which of the following is a characteristic of income from business and profession?

It includes income from a trade, professional services, or vocation (B) Signup and view all the answers

What type of expenses can be deducted from income from business and profession?

Expenses incurred wholly and exclusively for the purpose of earning income (C) Signup and view all the answers

How is income from business and profession typically reported to tax authorities?

Through filing a tax return and providing details of income and expenses (A) Signup and view all the answers