QUESTION 14 A company has produced profits for the year. The lower the payout ratio, the greater the increase in book value for the start of the next yeat. True False QUESTION 15 A sole proprietor has generated S100,000 in profits. Assuming she is in the 20% tax bracket, she pays $20.000 tax on these profits and then must pay income taxes on the $80.000 remaining, True False QUESTION 16 Most corporations register at the federal level: a small number register in their state of domicile True False