Ronnie is the owner of a pet store and manages the store by himself. Any profit that Ronnie's store earns is:
A) used to purchase preferred stocks of the store.
B) treated as Ronnie's personal income.
C) not subjected to any form of taxation.
D) taxed only if Ronnie has taken a loan.

Question

Quizplus · Accepted Answer

As the sole proprietor of the pet store, any profit earned by the store is considered Ronnie's personal income and is subject to personal income tax.

Ronnie Is the Owner of a Pet Store and Manages