This practice exam can be taken as many times as needed to feel confident and prepared for the Taxes Exam.
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Question 1 of 10
1. Question
If a client purchases gifts for a total of $75 per person, what is the correct entry?
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Question 2 of 10
2. Question
Who should be excluded from receiving a 1099? (Select all that apply.)
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Question 3 of 10
3. Question
Client sponsors the local girl scout troop as a charitable contribution. They ask you if it’s deductible for their business. Select all that are TRUE.
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Question 4 of 10
4. Question
Your client collects sales tax on each product sold. How do you enter the expense?
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Question 5 of 10
5. Question
Your books should always match the tax return.
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Question 6 of 10
6. Question
Accountable plans allow an owner to take an amount as a reimbursement, but the owner still has to provide documentation of the expense.
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Question 7 of 10
7. Question
Where can you get the retained earnings balance from a tax return? (Select all that apply.)
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Question 8 of 10
8. Question
A dentist purchased office furniture. How many years is it depreciated?
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Question 9 of 10
9. Question
What helps determine whether a worker is a 1099 contractor or a W2 employee? (Select all that apply.)
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Question 10 of 10
10. Question
The gym owner purchases new workout clothes and gym shoes. They ONLY wear it to work. Is it deductible?
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