1) Identify which of the following statements is true.A. All of the shareholders of an S corporation must consent to a revocation of the S election.B. A revocation of an S corporation election can be retrospective to any date.C. An S election will not be terminated due to excess passive income if the corporation does not have Subchapter C E&P.D. All are true.2) Identify which of the following statements is false.A. If the termination of an S election is considered to be inadvertent then the election is permitted to continue in place as if the termination had never occurred.B. A C corporation short year income tax liability must be determined on an annualized basis.C. If an S election is terminated and the termination is not considered to be inadvertent a 10-tax-year waiting period is required before making a new election.D. A corporation can obtain relief for a late S election if the IRS consents.3. A researcher conducts a survey of students randomly selected from Introduction to Psychology classes at State University. The researcher then attempts to generalize these findings to all college students. In this example the target population is:A. All psychology studentsB. Cannot be determined given the information availableC. All college students at State UniversityD. All college studentsE. All psychology students at State University4. A spurious relationship between two variables is:A. FalseB. CompensatoryC. ValidD. CausalE. Reliable

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