INTRODUCTION TO ENTREPRENEURSHIP
TYPES OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Taxes are required of all profit-making businesses.
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false
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true
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Either A or B
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None of the above
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Explanation:
Detailed explanation-1: -Business profits is the third head of income under the Act, after salaries and house property income. This head is used to classify or aggregate income which the taxpayer generates through business or professional activities.
Detailed explanation-2: -You do not need to make a profit to be operating a trade or business but you do need to have a profit motive.
Detailed explanation-3: -A profit is the amount of money you earn from a certain product or service, which is determined by subtracting costs from sales and setting the profit margin. Analyzing how profitable your products and services are is an essential step for establishing sales strategies and piquing the interest of your customers.
There is 1 question to complete.