chp 1 quiz.docx - Question 1 1 out of 1 points Being...

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Question 1 1 out of 1 points Being classified as a small business can have an impact on whether the business qualified for _______ and _______ . (Select the two that are correct.) Selected Answers: government set aside programs SBA assistance Answers: a lower federal income tax rate government set aside programs SBA assistance LLC status Question 2 1 out of 1 points The criteria to determine if a business is small include _______, _______ and _______. (Select the threecorrect answers.) Selected Answers: independently owned, operated and financed size as indicated by number of employees and sales revenue lack of impact within its industry Answers: independently owned, operated and financed number of years in operation size as indicated by number of employees and sales revenue lack of impact within its industry form of ownership, eg, partnership, corporation et al Question 3 1 out of 1 points For the IRS to classify an activity as a business rather than a hobby for tax purposes the activity must _______.
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