TEST BANK FOR
Core Concepts in Health 4th Canadian Edition By Jennifer Irwin, Shauna Burke, Claire Insel,
Walton T. Roth, Paul M. Insel
Chapter 1-19 Answers are at the End of Each Chapter
Chapter 1
Student name:
The wellness concept defines health as the absence of disease.
⊚ true
⊚ false
Self-control is one characteristic of a person who possesses good emotional health.
⊚ true
⊚ false
To achieve optimal wellness, an individual must seek to develop six of the nine dimensions of
wellness.
⊚ true
⊚ false
Sure! I’ll expand on the topics related to "Taxation of Business Entities," providing a more detailed exploration. This overview will cover fundamental concepts, applications, and implications relevant to the study of business taxation.---###
Overview of Business Entities#### 1. Types of Business EntitiesBusiness entities can be categorized based on ownership structure and tax treatment. Understanding these types is crucial for determining tax obligations and benefits.- **Sole
Proprietorships**: - Owned by a single individual, this is the simplest form of business entity. Income is reported on the owner’s personal tax return (Form 1040, Schedule C), which simplifies tax filing but also means personal liability for
debts and obligations.- **Partnerships**: - Consisting of two or more individuals, partnerships do not pay federal income taxes. Instead, they are considered pass-through entities, meaning income is taxed at the partners' individual rates.
Form 1065 is used to report partnership income, while partners receive Schedule K-1 to report their share on their returns.- **Corporations**: - Corporations are separate legal entities that provide limited liability protection to their owners
(shareholders). C-Corporations face double taxation: once at the corporate level on profits and again at the individual level when dividends are distributed. S-Corporations, on the other hand, are pass-through entities but have restrictions on
ownership and number of shareholders.- **Limited Liability Companies (LLCs)**: - LLCs combine the flexibility of partnerships with the liability protection of corporations. An LLC can choose to be taxed as a sole proprietorship,
partnership, or corporation, allowing for strategic tax planning. ### 2. Tax Implications of Each Entity TypeUnderstanding the tax implications of each entity type is critical for effective business planning.- **Sole Proprietorships**: -
Income is taxed at the owner’s individual tax rate. All profits and losses are reported on the owner’s tax return. This simplicity, however, can expose owners to significant personal risk.- **Partnerships**: - Each partner reports their share of
income and losses on their personal returns, allowing for loss deductions. Partners are also subject to self-employment taxes on their share of the income, which can significantly impact tax liability.- **Corporations**: - C-Corporations are
taxed at the corporate tax rate (currently 21%). Dividends are taxed again at the shareholder level. S-Corporations avoid double taxation, but there are restrictions on the number and type of shareholders.- **Limited Liability Companies
(LLCs)**: - By default, single-member LLCs are treated as sole proprietorships for tax purposes, while multi-member LLCs are treated as partnerships. However, they can elect to be taxed as a corporation if beneficial.### Key Tax
Concepts#### 1. Income RecognitionIncome recognition is a fundamental principle in taxation, determining when income must be reported.- **Cash vs. Accrual Accounting**: - Businesses can choose between cash and accrual methods.
Cash accounting recognizes income when received and expenses when paid, making it straightforward. Accrual accounting recognizes income when earned and expenses when incurred, aligning revenue with the period it relates to, but can
complicate cash flow management.#### 2. DeductionsDeductions reduce taxable income, directly impacting tax liability.- **Ordinary and Necessary Expenses**: - The IRS allows deductions for expenses that are ordinary (common in the
industry) and necessary (helpful and appropriate for the business). Common deductions include rent, utilities, salaries, and professional fees.- **Limits on Deductions**: - Certain expenses, such as meals and entertainment, have specific
limits (e.g., meals are typically only 50% deductible). Understanding these limits is vital for effective tax planning.#### 3. Tax CreditsTax credits directly reduce the tax liability, providing a dollar-for-dollar reduction of taxes owed.-
**Types of Tax Credits**: - Examples include the Research and Development (R&D) tax credit, which encourages innovation, and the Work Opportunity Tax Credit (WOTC) for hiring individuals from certain target groups.### Specific
Business Entity Taxation#### 1. PartnershipsPartnerships are a popular choice for many businesses due to their flexible structure.- **Pass-Through Taxation**: - Income is reported on individual partners’ returns, preventing double
taxation. However, partners
Prior to the twentieth century, a person was most likely to die of a chronic disease.
⊚ true
⊚ false
During the early twentieth century people were more likely to die from infectious disease
than from heart disease.
⊚ true
⊚ false
Most health problems occur at the same rate for males and females.
1
, ⊚ true
⊚ false
Sure! I’ll expand on the topics related to "Taxation of Business Entities," providing a more detailed exploration. This overview will cover fundamental concepts, applications, and implications relevant to the study of business taxation.---###
Overview of Business Entities#### 1. Types of Business EntitiesBusiness entities can be categorized based on ownership structure and tax treatment. Understanding these types is crucial for determining tax obligations and benefits.- **Sole
Proprietorships**: - Owned by a single individual, this is the simplest form of business entity. Income is reported on the owner’s personal tax return (Form 1040, Schedule C), which simplifies tax filing but also means personal liability for
debts and obligations.- **Partnerships**: - Consisting of two or more individuals, partnerships do not pay federal income taxes. Instead, they are considered pass-through entities, meaning income is taxed at the partners' individual rates.
Form 1065 is used to report partnership income, while partners receive Schedule K-1 to report their share on their returns.- **Corporations**: - Corporations are separate legal entities that provide limited liability protection to their owners
(shareholders). C-Corporations face double taxation: once at the corporate level on profits and again at the individual level when dividends are distributed. S-Corporations, on the other hand, are pass-through entities but have restrictions on
ownership and number of shareholders.- **Limited Liability Companies (LLCs)**: - LLCs combine the flexibility of partnerships with the liability protection of corporations. An LLC can choose to be taxed as a sole proprietorship,
partnership, or corporation, allowing for strategic tax planning. ### 2. Tax Implications of Each Entity TypeUnderstanding the tax implications of each entity type is critical for effective business planning.- **Sole Proprietorships**: -
Income is taxed at the owner’s individual tax rate. All profits and losses are reported on the owner’s tax return. This simplicity, however, can expose owners to significant personal risk.- **Partnerships**: - Each partner reports their share of
income and losses on their personal returns, allowing for loss deductions. Partners are also subject to self-employment taxes on their share of the income, which can significantly impact tax liability.- **Corporations**: - C-Corporations are
taxed at the corporate tax rate (currently 21%). Dividends are taxed again at the shareholder level. S-Corporations avoid double taxation, but there are restrictions on the number and type of shareholders.- **Limited Liability Companies
(LLCs)**: - By default, single-member LLCs are treated as sole proprietorships for tax purposes, while multi-member LLCs are treated as partnerships. However, they can elect to be taxed as a corporation if beneficial.### Key Tax
Concepts#### 1. Income RecognitionIncome recognition is a fundamental principle in taxation, determining when income must be reported.- **Cash vs. Accrual Accounting**: - Businesses can choose between cash and accrual methods.
Cash accounting recognizes income when received and expenses when paid, making it straightforward. Accrual accounting recognizes income when earned and expenses when incurred, aligning revenue with the period it relates to, but can
complicate cash flow management.#### 2. DeductionsDeductions reduce taxable income, directly impacting tax liability.- **Ordinary and Necessary Expenses**: - The IRS allows deductions for expenses that are ordinary (common in the
industry) and necessary (helpful and appropriate for the business). Common deductions include rent, utilities, salaries, and professional fees.- **Limits on Deductions**: - Certain expenses, such as meals and entertainment, have specific
limits (e.g., meals are typically only 50% deductible). Understanding these limits is vital for effective tax planning.#### 3. Tax CreditsTax credits directly reduce the tax liability, providing a dollar-for-dollar reduction of taxes owed.-
**Types of Tax Credits**: - Examples include the Research and Development (R&D) tax credit, which encourages innovation, and the Work Opportunity Tax Credit (WOTC) for hiring individuals from certain target groups.### Specific
Business Entity Taxation#### 1. PartnershipsPartnerships are a popular choice for many businesses due to their flexible structure.- **Pass-Through Taxation**: - Income is reported on individual partners’ returns, preventing double
taxation. However, partners
Groups who have high poverty rates most often have poorer health status.
⊚ true
⊚ false
Short-term benefits of behaviour change are important as a motivating force.
⊚ true
⊚ false
Belief that you are in control of your own life is known as having an internal locus of control.
⊚ true
⊚ false
Having an external locus of control is associated with motivation and commitment to change
behaviour.
⊚ true
⊚ false
Working towards improving a specific target behaviour will increase your chances of
success.
⊚ true
⊚ false
Having incremental steps toward a long-term goal increases the chance that you will achieve the
ultimate goal.
⊚ true
⊚ false
2
,Sure! I’ll expand on the topics related to "Taxation of Business Entities," providing a more detailed exploration. This overview will cover fundamental concepts, applications, and implications relevant to the study of business taxation.---###
Overview of Business Entities#### 1. Types of Business EntitiesBusiness entities can be categorized based on ownership structure and tax treatment. Understanding these types is crucial for determining tax obligations and benefits.- **Sole
Proprietorships**: - Owned by a single individual, this is the simplest form of business entity. Income is reported on the owner’s personal tax return (Form 1040, Schedule C), which simplifies tax filing but also means personal liability for
debts and obligations.- **Partnerships**: - Consisting of two or more individuals, partnerships do not pay federal income taxes. Instead, they are considered pass-through entities, meaning income is taxed at the partners' individual rates.
Form 1065 is used to report partnership income, while partners receive Schedule K-1 to report their share on their returns.- **Corporations**: - Corporations are separate legal entities that provide limited liability protection to their owners
(shareholders). C-Corporations face double taxation: once at the corporate level on profits and again at the individual level when dividends are distributed. S-Corporations, on the other hand, are pass-through entities but have restrictions on
ownership and number of shareholders.- **Limited Liability Companies (LLCs)**: - LLCs combine the flexibility of partnerships with the liability protection of corporations. An LLC can choose to be taxed as a sole proprietorship,
partnership, or corporation, allowing for strategic tax planning. ### 2. Tax Implications of Each Entity TypeUnderstanding the tax implications of each entity type is critical for effective business planning.- **Sole Proprietorships**: -
Income is taxed at the owner’s individual tax rate. All profits and losses are reported on the owner’s tax return. This simplicity, however, can expose owners to significant personal risk.- **Partnerships**: - Each partner reports their share of
income and losses on their personal returns, allowing for loss deductions. Partners are also subject to self-employment taxes on their share of the income, which can significantly impact tax liability.- **Corporations**: - C-Corporations are
taxed at the corporate tax rate (currently 21%). Dividends are taxed again at the shareholder level. S-Corporations avoid double taxation, but there are restrictions on the number and type of shareholders.- **Limited Liability Companies
(LLCs)**: - By default, single-member LLCs are treated as sole proprietorships for tax purposes, while multi-member LLCs are treated as partnerships. However, they can elect to be taxed as a corporation if beneficial.### Key Tax
Concepts#### 1. Income RecognitionIncome recognition is a fundamental principle in taxation, determining when income must be reported.- **Cash vs. Accrual Accounting**: - Businesses can choose between cash and accrual methods.
Cash accounting recognizes income when received and expenses when paid, making it straightforward. Accrual accounting recognizes income when earned and expenses when incurred, aligning revenue with the period it relates to, but can
complicate cash flow management.#### 2. DeductionsDeductions reduce taxable income, directly impacting tax liability.- **Ordinary and Necessary Expenses**: - The IRS allows deductions for expenses that are ordinary (common in the
industry) and necessary (helpful and appropriate for the business). Common deductions include rent, utilities, salaries, and professional fees.- **Limits on Deductions**: - Certain expenses, such as meals and entertainment, have specific
limits (e.g., meals are typically only 50% deductible). Understanding these limits is vital for effective tax planning.#### 3. Tax CreditsTax credits directly reduce the tax liability, providing a dollar-for-dollar reduction of taxes owed.-
**Types of Tax Credits**: - Examples include the Research and Development (R&D) tax credit, which encourages innovation, and the Work Opportunity Tax Credit (WOTC) for hiring individuals from certain target groups.### Specific
Business Entity Taxation#### 1. PartnershipsPartnerships are a popular choice for many businesses due to their flexible structure.- **Pass-Through Taxation**: - Income is reported on individual partners’ returns, preventing double
taxation. However, partners
If you are facing stress in your life, it might be necessary to delay a behaviour change
program.
⊚ true
⊚ false
Making successful change in a health behaviour has the additional benefit of allowing you to
feel better about yourself.
⊚ true
⊚ false
Behaviour choices and actions impact only the health and wellness of the individual.
⊚ true
⊚ false
The nine dimensions of wellness include all of the following, EXCEPT
emotional wellness.
environmental wellness.
spiritual wellness.
dietary wellness.
Which one of the following qualities contributes positively to one's physical wellness?
Eating a balanced diet.
Maintaining an optimistic attitude.
Being open to new ideas.
Maintaining satisfying relationships.
Sure! I’ll expand on the topics related to "Taxation of Business Entities," providing a more detailed exploration. This overview will cover fundamental concepts, applications, and implications relevant to the study of business taxation.---###
Overview of Business Entities#### 1. Types of Business EntitiesBusiness entities can be categorized based on ownership structure and tax treatment. Understanding these types is crucial for determining tax obligations and benefits.- **Sole
Proprietorships**: - Owned by a single individual, this is the simplest form of business entity. Income is reported on the owner’s personal tax return (Form 1040, Schedule C), which simplifies tax filing but also means personal liability for
debts and obligations.- **Partnerships**: - Consisting of two or more individuals, partnerships do not pay federal income taxes. Instead, they are considered pass-through entities, meaning income is taxed at the partners' individual rates.
Form 1065 is used to report partnership income, while partners receive Schedule K-1 to report their share on their returns.- **Corporations**: - Corporations are separate legal entities that provide limited liability protection to their owners
(shareholders). C-Corporations face double taxation: once at the corporate level on profits and again at the individual level when dividends are distributed. S-Corporations, on the other hand, are pass-through entities but have restrictions on
ownership and number of shareholders.- **Limited Liability Companies (LLCs)**: - LLCs combine the flexibility of partnerships with the liability protection of corporations. An LLC can choose to be taxed as a sole proprietorship,
partnership, or corporation, allowing for strategic tax planning. ### 2. Tax Implications of Each Entity TypeUnderstanding the tax implications of each entity type is critical for effective business planning.- **Sole Proprietorships**: -
Income is taxed at the owner’s individual tax rate. All profits and losses are reported on the owner’s tax return. This simplicity, however, can expose owners to significant personal risk.- **Partnerships**: - Each partner reports their share of
income and losses on their personal returns, allowing for loss deductions. Partners are also subject to self-employment taxes on their share of the income, which can significantly impact tax liability.- **Corporations**: - C-Corporations are
3
, taxed at the corporate tax rate (currently 21%). Dividends are taxed again at the shareholder level. S-Corporations avoid double taxation, but there are restrictions on the number and type of shareholders.- **Limited Liability Companies
(LLCs)**: - By default, single-member LLCs are treated as sole proprietorships for tax purposes, while multi-member LLCs are treated as partnerships. However, they can elect to be taxed as a corporation if beneficial.### Key Tax
Concepts#### 1. Income RecognitionIncome recognition is a fundamental principle in taxation, determining when income must be reported.- **Cash vs. Accrual Accounting**: - Businesses can choose between cash and accrual methods.
Cash accounting recognizes income when received and expenses when paid, making it straightforward. Accrual accounting recognizes income when earned and expenses when incurred, aligning revenue with the period it relates to, but can
complicate cash flow management.#### 2. DeductionsDeductions reduce taxable income, directly impacting tax liability.- **Ordinary and Necessary Expenses**: - The IRS allows deductions for expenses that are ordinary (common in the
industry) and necessary (helpful and appropriate for the business). Common deductions include rent, utilities, salaries, and professional fees.- **Limits on Deductions**: - Certain expenses, such as meals and entertainment, have specific
limits (e.g., meals are typically only 50% deductible). Understanding these limits is vital for effective tax planning.#### 3. Tax CreditsTax credits directly reduce the tax liability, providing a dollar-for-dollar reduction of taxes owed.-
**Types of Tax Credits**: - Examples include the Research and Development (R&D) tax credit, which encourages innovation, and the Work Opportunity Tax Credit (WOTC) for hiring individuals from certain target groups.### Specific
Business Entity Taxation#### 1. PartnershipsPartnerships are a popular choice for many businesses due to their flexible structure.- **Pass-Through Taxation**: - Income is reported on individual partners’ returns, preventing double
emotional wellness.
taxation. However, partners
spiritual wellness.
interpersonal wellness.
Ali’s parents are not unduly concerned about their child’s ability to adapt to college because
they have always had a good sense of humour, been curious, and demonstrated an openness
to ideas. These qualities are reflective of Ali’s wellness.
A) interpersonal
B) spiritual
C) intellectual
D) emotional
Spiritual wellness is best described as having
A) a strong support network of family and friends.
B) meaning and purpose in one's life.
C) the ability to express oneself creatively.
D) the ability to share one's feelings.
Reducing pollution and waste in the workplace is an example of promoting
wellness.
A) social
B) spiritual
C) intellectual
D) environmental
The nine dimensions of wellness are best described as:
A) affecting health independently of each other.
B) being interrelated.
C) seldom influencing one another.
D) demonstrating the separateness of mind and body.
Sure! I’ll expand on the topics related to "Taxation of Business Entities," providing a more detailed exploration. This overview will cover fundamental concepts, applications, and implications relevant to the study of business taxation.---###
Overview of Business Entities#### 1. Types of Business EntitiesBusiness entities can be categorized based on ownership structure and tax treatment. Understanding these types is crucial for determining tax obligations and benefits.- **Sole
Proprietorships**: - Owned by a single individual, this is the simplest form of business entity. Income is reported on the owner’s personal tax return (Form 1040, Schedule C), which simplifies tax filing but also means personal liability for
debts and obligations.- **Partnerships**: - Consisting of two or more individuals, partnerships do not pay federal income taxes. Instead, they are considered pass-through entities, meaning income is taxed at the partners' individual rates.
Form 1065 is used to report partnership income, while partners receive Schedule K-1 to report their share on their returns.- **Corporations**: - Corporations are separate legal entities that provide limited liability protection to their owners
(shareholders). C-Corporations face double taxation: once at the corporate level on profits and again at the individual level when dividends are distributed. S-Corporations, on the other hand, are pass-through entities but have restrictions on
ownership and number of shareholders.- **Limited Liability Companies (LLCs)**: - LLCs combine the flexibility of partnerships with the liability protection of corporations. An LLC can choose to be taxed as a sole proprietorship,
partnership, or corporation, allowing for strategic tax planning. ### 2. Tax Implications of Each Entity TypeUnderstanding the tax implications of each entity type is critical for effective business planning.- **Sole Proprietorships**: -
Income is taxed at the owner’s individual tax rate. All profits and losses are reported on the owner’s tax return. This simplicity, however, can expose owners to significant personal risk.- **Partnerships**: - Each partner reports their share of
income and losses on their personal returns, allowing for loss deductions. Partners are also subject to self-employment taxes on their share of the income, which can significantly impact tax liability.- **Corporations**: - C-Corporations are
taxed at the corporate tax rate (currently 21%). Dividends are taxed again at the shareholder level. S-Corporations avoid double taxation, but there are restrictions on the number and type of shareholders.- **Limited Liability Companies
(LLCs)**: - By default, single-member LLCs are treated as sole proprietorships for tax purposes, while multi-member LLCs are treated as partnerships. However, they can elect to be taxed as a corporation if beneficial.### Key Tax
Concepts#### 1. Income RecognitionIncome recognition is a fundamental principle in taxation, determining when income must be reported.- **Cash vs. Accrual Accounting**: - Businesses can choose between cash and accrual methods.
4
