Business Income Tax Assessment


Business Income Tax Assessment

Skills Assessment

This test for Business Income Tax is designed to determine the level of tax and accounting knowledge of the test taker. Many of the questions are basic in nature and should be easily handled by someone with as little as one year's experience in the area. Other questions are more detailed and are targeted to those test takers with more experience and who may be pursuing a professional qualification in this area. Topics include Assets, Business Use, Deductions, Inventory, Property, Self-Employment, and Taxes.

Assessments for Corporate Tax Accounting and Individual Income Tax are also available.


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How does it work?
Total Questions 39
Question Types Multiple Choice
Competencies Tested Taxes
Business Use
Tasks Tested Installment Tax
Using the Option of Installment Tax
Qualifying as a Deduction
Due Dates for Returns
Taxes for a Sole Proprietorship
Identifying Employees
Depreciating Assets
Allowable Tax Deductions
Filing Returns
Startup Expenditure
Identifying Employment Taxes
Gift Expense vs. Entertainment Expense
Treatment of Capital Losses
Qualifying Business Use
Classification of Businesses
Employee's Withholding Allowance
Depreciation of Rental Property
Deductions for Business Expenses
Determination of Net Income
Identifying Home Office Expenses
Treatment of Startup Expenses
Depreciation of Computer Software
Treatment of a Bad Debt
Deductions for Business Use of Cars
Allowable Medical Expenses
Timing of Deductions for Expenditures
Gift Expenses
Change in Accounting Method
Manufacturing Costs of Goods Sold
Computing the Cost of Goods Sold
Valuation of Inventory
Advantages of Rental Property
Identifying Listed Property
Benefits of Self-Employment
Payment of Self-Employment Taxes
Adjustments to the Basis of Assets
Determining the Basis for Disposal of an Asset