Resources owned or controlled by a company that are expected to yield future benefits are:
a. Assets.
b. Revenues.
c. Liabilities.
d. Owner's Equity.
e. Expenses.
Answer: a. Assets.
Business
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Market risks, financial risks, production risks, and political risks are generally uninsurable.
a. true b. false
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Mom and Pop's Grocery is a sole proprietorship. Mom and Pop would like to establish a qualified plan to take advantage of the same tax advantages to which corporations are entitled. Mom and Pop should established:
a) 401(k) plan b) Simplified Employees Pension (SEP) c) Individual Retirement Account (IRA) d) Keogh (HR-10) plan
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