Recent Lessons

Show all results for ""

Feature Overview

Ace your exams with our all-in-one platform for creating and sharing quizzes and tests.

Quizzes

Create quizzes and tests automatically from your content using AI.

Flashcards

Automatically turn your notes into digital flashcards.

Share, Export & Embed

Share with classmates or export to Excel and your learning management system.

Stats & Reporting

Auto-grading quizzes and tests with detailed stats and reports.

Mobile Apps

The smarter way to study – wherever you are.

Pricing

Search...

Income from Business and Profession Quiz

9 Questions

0 Views

Income from Business and Profession Quiz

Choose a study mode

Play Quiz

Study Flashcards

Spaced Repetition

Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

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 Signup and view all the answers

What distinguishes income from business and profession from capital gains?

Source of income 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 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 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 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 Signup and view all the answers

Income from Business and Profession Quiz

Choose a study mode

Podcast

Questions and Answers

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

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

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

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

What distinguishes income from business and profession from capital gains?

What distinguishes income from business and profession from salary income?

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

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

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

More Like This

Profits and Gains of Business or Profession

Measurement of Business Income

Income Tax for Business: Overview and Strategies

Business Environment: National Income Basics

Upgrade to continue