TN Business and Law Exam Questions
and Answers 2026/2027 |Already
Graded A+| Verified and Updated
Payroll Accounting - CORRECT ANSWER -through records are important for such
reasons as calculating tax liabilities and tracking labor costs
Technology Solutions for Accounting - CORRECT ANSWER -software can automate
the process of posting transactions, creating financial statements, invoicing
customers, creating purchase orders, and much more
Employer Identification Number - CORRECT ANSWER -used to identify the tax
accounts of employers and certain others who have no employeers
Federal Business Taxes - CORRECT ANSWER -form of business you operate
determines the type of taxes you must pay and how you pay them
Sole Proprietor Taxes - CORRECT ANSWER -income tax, self employment tax,
estimated tax, employment taxes: social security and medicare taxes and income
,tax withholding, federal unemployment tax, depositing employment taxes, excuse
taxes
Partnership Taxes - CORRECT ANSWER -annual return of income, employment
taxes, estimated tax
Corporation or S Corporation Taxes - CORRECT ANSWER -income tax, estimated
tax, employment tax, excise taxes
S Corporation Shareholder Taxes - CORRECT ANSWER -income tax, estimated tax
Income Tax - CORRECT ANSWER -tax on earnings
self-employment tax - CORRECT ANSWER -a social security and medicare tax
Form W-2 - CORRECT ANSWER -A summary of your earnings and withholdings for
the year for a job
,tennessee state business tax - CORRECT ANSWER -local counties levy a privilege
tax for operating a business in their jurisdictions based on a percentage of sales or
gross receipts in succeeding years
tennessee state excise tax - CORRECT ANSWER -based upon the net earnings of
taxable entities conducted within Tennessee. tax rate of 6.5%
tennessee sales and use tax - CORRECT ANSWER -contractors usually owe this on
material cost
Contract - CORRECT ANSWER -an agreement for improving real property, written
or unwritten, express or implied
Contract Price - CORRECT ANSWER -the amount agreed upon bu the contracting
parties for performing all labor and furnishing all materials contemplated by their
contract, and shall be increased by the price of "extras" as defined in this section,
or diminished by allowances made because of altered specifications or defects in
workmanship or materials
, Contractor - CORRECT ANSWER -a person other than a materialman or laborer
who enters into a contract with the owner of real property for improving it, or
who takes over from a contractor the entire remaining work under such contract
Furnish Materials - CORRECT ANSWER -supply materials that are incorporated in
the improvement; or, specially fabricated materials for incorporation in the
improvement; or, supply building material used for the construction and not
remaining in the improvement, subject to diminution by the salvage value of such
material
improvement - CORRECT ANSWER -any building, structure, erection, alteration,
demolition, excavation, or any part thereof, including ornamental shrubbery and
trees, driveways, and private roadways, on real property for its permanent
benefit, whether there is existing at the time of such work, any building, structure,
or other improvements upon the real property
laborer - CORRECT ANSWER -any person who, under properly authorized contract,
of any degree of remoteness, personally performs on the site of the improvement
labor for improving real property
lienor - CORRECT ANSWER -any person having lien or right of lien upon real
property by virtue of this part and includes the person's successor in interest
and Answers 2026/2027 |Already
Graded A+| Verified and Updated
Payroll Accounting - CORRECT ANSWER -through records are important for such
reasons as calculating tax liabilities and tracking labor costs
Technology Solutions for Accounting - CORRECT ANSWER -software can automate
the process of posting transactions, creating financial statements, invoicing
customers, creating purchase orders, and much more
Employer Identification Number - CORRECT ANSWER -used to identify the tax
accounts of employers and certain others who have no employeers
Federal Business Taxes - CORRECT ANSWER -form of business you operate
determines the type of taxes you must pay and how you pay them
Sole Proprietor Taxes - CORRECT ANSWER -income tax, self employment tax,
estimated tax, employment taxes: social security and medicare taxes and income
,tax withholding, federal unemployment tax, depositing employment taxes, excuse
taxes
Partnership Taxes - CORRECT ANSWER -annual return of income, employment
taxes, estimated tax
Corporation or S Corporation Taxes - CORRECT ANSWER -income tax, estimated
tax, employment tax, excise taxes
S Corporation Shareholder Taxes - CORRECT ANSWER -income tax, estimated tax
Income Tax - CORRECT ANSWER -tax on earnings
self-employment tax - CORRECT ANSWER -a social security and medicare tax
Form W-2 - CORRECT ANSWER -A summary of your earnings and withholdings for
the year for a job
,tennessee state business tax - CORRECT ANSWER -local counties levy a privilege
tax for operating a business in their jurisdictions based on a percentage of sales or
gross receipts in succeeding years
tennessee state excise tax - CORRECT ANSWER -based upon the net earnings of
taxable entities conducted within Tennessee. tax rate of 6.5%
tennessee sales and use tax - CORRECT ANSWER -contractors usually owe this on
material cost
Contract - CORRECT ANSWER -an agreement for improving real property, written
or unwritten, express or implied
Contract Price - CORRECT ANSWER -the amount agreed upon bu the contracting
parties for performing all labor and furnishing all materials contemplated by their
contract, and shall be increased by the price of "extras" as defined in this section,
or diminished by allowances made because of altered specifications or defects in
workmanship or materials
, Contractor - CORRECT ANSWER -a person other than a materialman or laborer
who enters into a contract with the owner of real property for improving it, or
who takes over from a contractor the entire remaining work under such contract
Furnish Materials - CORRECT ANSWER -supply materials that are incorporated in
the improvement; or, specially fabricated materials for incorporation in the
improvement; or, supply building material used for the construction and not
remaining in the improvement, subject to diminution by the salvage value of such
material
improvement - CORRECT ANSWER -any building, structure, erection, alteration,
demolition, excavation, or any part thereof, including ornamental shrubbery and
trees, driveways, and private roadways, on real property for its permanent
benefit, whether there is existing at the time of such work, any building, structure,
or other improvements upon the real property
laborer - CORRECT ANSWER -any person who, under properly authorized contract,
of any degree of remoteness, personally performs on the site of the improvement
labor for improving real property
lienor - CORRECT ANSWER -any person having lien or right of lien upon real
property by virtue of this part and includes the person's successor in interest
