Rent and interest received are generally considered as _______ income?

Question 1 options:

a)

Business

b)	Property or Investment

c)	Capital gain

d)	Employment

Question 2 (1 point)

Business income can be earned by all taxpayers (individuals, corporations, and trusts)

Question 2 options:

	True
	False

Question 3 (1 point)

An example of a depreciable asset or property used in earning business income is ___________

Question 3 options:

a)

Equipment

b)

Land

c)

Plant

d)

Inventory

Question 4 (1 point)

Inventory is not a property that is acquired for the purpose of resale in a business activity.

Question 4 options:

	True
	False

Question 5 (1 point)

An example of a non-depreciable asset or property that can be used to earn business is ____________.

Question 5 options:

a)

Building

b)

Equipment

c)

Patent

d)

Furniture

Question 6 (1 point)

An independent contractor will earn business income while an employee will earn employment income.

Question 6 options:

	True
	False

Question 7 (1 point)

All of the following are income from property except ________.

Question 7 options:

a)

Rent

b)

Interest

c)

Dividends

d)	Government grant

Question 8 (1 point)

The deduction of a portion of the cost of capital assets (equipment, building, furniture) over some years using applicable class rates is called __________.

Question 8 options:

a)	Capital Cost Reduction (CCR)

b)	Capital Cost Allowance (CCA)

c)	Capital Cost Adjustment (CCA)

d)	Capital Cost Amortization (CCA)

Question 9 (1 point)

For the purpose of calculating CCA on office equipment and furniture, the costs are all grouped into what class of CCA rates?

Question 9 options:

a)

Class 1

b)	Class 10.1

c)

Class 8

d)	None of the above

Question 10 (1 point)

The deductibility of interest on borrowed money is limited to the extent that it was invested to generate an income that is not tax exempt.

Question 10 options:

	True
	False