Business Income Tax Calculations

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Joe's Bakery bought a new delivery truck. They plan on keeping the truck for a period of five years. The owner knows that the truck will lose usefulness each year. What can he do to ease taxes on this asset?

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1. The bottom line on a tax return reports:

2. The calculation for gross profit is:

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About This Quiz & Worksheet

You can review your understanding of business income tax calculations by completing this quiz. Some questions will ask you to identify forms and calculations, while others will ask you to solve problems based on examples.

Quiz & Worksheet Goals

Through this quiz, you will demonstrate your knowledge of:

  • Easing taxes
  • Tax return reports and forms
  • Profit calculation and income reporting

Skills Practiced

A few of the other skills you will work on while completing this quiz include:

  • Problem solving- use acquired knowledge to solve business income tax practice problems
  • Information recall - access the knowledge you've gained regarding gross profit calculations
  • Interpreting information - verify that you can read information regarding reporting income and interpret it correctly

Additional Learning

Additional training in business income tax calculations can be found in the lesson that accompanies this quiz, titled Business Income Tax Calculations. The lesson will teach you more about:

  • Different forms of businesses
  • The two accounting methods businesses can use
  • How income taxes are calculated
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