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LSB 3213 John Holden Oklahoma State
Exam 3 Questions and Correct Answers the
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All of the following are methods that a sole proprietorship can raise money except
A) Private loans.
B) Commercial loans.
C) Sell ownership in the business.
D) Line of credit
✓ Sell ownership in the business
Which of the following is true about a sole proprietorship?
A) It is subject to corporate income tax.
B) Sole proprietorships face double taxation.
C) The owner reports income and expenses on the owner's own tax return.
D) The owner must file a tax return on behalf of the business.
✓ C) The owner reports income and expenses on the owner's own tax return.
The person who is entitled to the profits of a business based on the percentage of
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