Strategy (4) is a set of goal-directed actions a firm takes to gain and sustain
superior performance relative to competitors.
Competitive Advantage (5) is always relative, not absolute. To assess competitive
advantage, we compare firm performance
1. Integrity and attention to detail are paramount to tax professionals. The
IRS can penalize a paid preparer for failing to properly prepare
returns. Which of the following situations is listed incorrectly as one
that would cause the IRS to assess a prep
1.Phil has started his own tax preparation business. As a paid preparer he
must maintain copies of returns prepared or a list of clients for what
period of time?
a) For the duration of the statute of limitations for the return
b) Until the taxpayer be
1.Bill Marshall is low on funds but has a sizable balance due on his federal
return. Which of the following is disallowed as a method by which
payments can be made to the IRS?
a) Debit from checking or savings account
b) Post-dated checks
c) Mail ch
1. After graduating from college last year, Janice Brown started working.
She will be filing a tax return for the first time this year but is
uncertain how to send it. Which of the following is listed incorrectly
as a permissible method for filing a tax r
1.Mr. Goebel is certain he cannot complete his federal tax return by the
due date. What must he do in order for him to receive an automatic
a) File Form 4868 on or before the due date of the return and
pay any taxes due by the first d
1.Lee Goebel is a calendar year taxpayer who has waited far too long to
organize documents for his tax return. What is the due date for filing
the federal return?
a) December 31 or the next business day if December 31 falls on
a Saturday, Sunday o
1.Jack Clark, a full-time student living with his parents, had a summer job
as a waiter at a restaurant. Is he required to file a tax return?
a) Only if he expects to receive a refund
b) If he meets filing requirements
c) If he is Married Filing Joi