Question 6 (1 point) Listen Which of the following would be considered to be business income rather than property income or capital gains? Both A and C Gains from the sale of capital property that were used in a business Gains from the sale of capital property used to earn property income Gains from the sale of inventory Question 7 (1 point) 1) Listen For which of the following inventory valuation approaches CANNOT be used for income tax purposes to track inventory cost? Specific Identification. O First-In, First-Out. , O -, Last-In, First-Out. Average Cost. Question 8 (1 point) Listen Which of the following is a deductible business expense for a sole proprietorship? Donation made to the United Way. Estimated cost of providing warranty services in future taxation years. Contribution made to the Federal Green Party. Reasonable salary paid to a relative. Question 9 (1 point) 1) Listen Jon Bogen carries on a consulting business as a sole proprietor out of a dedicated space in his home. It is his principal place of business. Which of the following home office expenses can he deduct? Jon can only deduct a pro rata share of operating costs, utilities, and property taxes. Jon can only deduct a pro rata share of operating costs and utilities. Jon can deduct a pro rata share of operating costs, utilities, property taxes, mortgage interest and CCA. Jon can only deduct a pro rata share of operating costs, utilities, property taxes, and mortgage interest. Question 10 (1 point) 1) Listen A business may may receive advances for goods or services to be delivered or services to be provided in a subsequent taxation year. How are these advances treated for income tax purposes? allocated to income over the period between the time the cash is received and the time the goods and services are delivered or services are provided. included in income when the goods or services are delivered or the services provided included in income no later than 180 days after the end of the taxation year. O included in income in the taxation year in which the advance is received