The Chahtapreneur Christmas Catalog is out now
View Catalog
Choctaw Nation
Small Business Development
Choctaw Nation
Small Business Development
Register
Resources
Training Materials
Business Directory
Leasing
Property Leasing
Durant Chahtapreneur Business Center
Idabel Chahtapreneur Business Center
About
About CSBD
Staff
Contact
Resources
Online Training
How to do your own Bookkeeping and Accounting with Karlton Dennis
Name
*
First
Last
Email
*
1. Why do you need to track your expenses?
*
Overpaying on your tax returns
Recollection of what happened throughout the year
Both of the above
2. In the first story, the client did not keep track of her ________.
*
Hours of work
Expenses
Checkbook
3. _________ is one reason good record keeping will save you money on your taxes.
*
Family expenses
Identify expenses for which a deduction can be claimed
A Business meeting
4. You cannot ever deduct medical or dental expenses on your taxes
*
True
False
5. Good record keeping can help you prepare tax returns _____ and ______.
*
Accurately and Timely
Belated and Unreliably
Slowly and Improper
6. Filing a timely tax return will keep you from paying penalties and interest fees.
*
True
False
7. If you know your _______ in real time, you can make ____________ in real time.
*
Deductions, decisions
Numbers, financial decisions
Bank account, payments
8. How long do you need to keep your records for?
*
3 years
6 years
1 year
9. In the second story, does Philip have to keep copies of his tax records from the partnership income he is receiving?
*
Yes
No
Neither
10. The easiest method to tracking your records is online.
*
True
False