Question

if you put all the profits into your business, you may not be able to do which of the following?

hire an accountant.
fund your ira.
pay for marketing.
develop new products.

question 29 (3.333333333 points)
those assets that cant be touched or seen but that have value are called ______ assets.

current
direct
fixed
intangible

question 30 (3.333333333 points)
what percentage of meal and entertainment costs is tax deductible?

10%
25%
50%
60%

Explanation:

Analyze the first question on reinvesting profits

Reinvesting all business profits back into the company means no personal distributions are made, which prevents the owner from funding personal retirement accounts like an Individual Retirement Account (IRA). Other options listed (hiring an accountant, paying for marketing, developing products) are standard business expenses funded directly by reinvested business profits.

Analyze Question 29 on asset types

Assets that lack physical substance (cannot be touched or seen) but carry monetary value (such as patents, copyrights, and goodwill) are defined as intangible assets.

Analyze Question 30 on tax deductibility

Under standard United States tax law (IRS guidelines), business meals are generally 50% tax-deductible.

Answer:

Question 1

• (A) Hire an accountant.
• (B) Fund your IRA. (Correct answer)
• (C) Pay for marketing.
• (D) Develop new products.

Question 29

• (A) current
• (B) direct
• (C) fixed
• (D) intangible (Correct answer)

Question 30

• (A) 10%
• (B) 25%
• (C) 50% (Correct answer)
• (D) 60%