A country's balance of trade is
a. the trade deficit..
b. a trade surplus.
c. the difference between exports and imports in both goods and services.
d. the lowering of the value of currency
Answer: c. the difference between exports and imports in both goods and services.
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Which of the following is false regarding the taxation of a sole proprietorship?
A. Sole proprietorships are subject to tax at both the business and individual level. B. All business deductions and losses carry straight through to the proprietor. C. Income of the business must be reported by the proprietor. D. The sole proprietorship only requires the filing of one return.
Scott was going out of town on a business trip. He lived in a bad neighborhood, so he wanted to
leave his car in his friend Lori's driveway for safekeeping. Lori agreed to allow Scott to do this for no charge. Scott gave Lori the keys in case the car had to be moved. While Scott was away, the car was stolen through no fault of Lori's. Scott now sues Lori for the value of his car. What result? A) Lori is not liable; she owed no duty since this was a gratuitous bailment. B) Lori is not liable; she owned duty of slight care, which she did not meet. C) Lori is not liable; she owed a duty of slight care, which she met. D) Lori is liable; she owed a duty of reasonable care, which she did not meet. E) Lori is liable; she owed a duty of utmost care, which she did not meet.