Archive for the ‘Taxes’ Category

1 Z0 453 Certification Guides}

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Submitted by: Richard Mills

Question: 1

Your retail organization needs to track VAT in the stock ledger for sales, but you do not want to see retail prices inclusive of VAT in the RMS screens in your department. How would you configure the system to support this scenario?

A. Set the stock ledger retail tax inclusive indicator to Y, the class level tax indicator to N, and the VAT inclusive indicator to Y for all other departments.

B. Set the stock ledger retail tax inclusive indicator to N, the class level tax indicator to Y, and the VAT inclusive indicator to N for the classes in your department.

C. Set the stock ledger retail tax inclusive indicator to Y, the class level tax indicator to N, and the VAT inclusive indicator to Y for the classes in your department.

D. Set the stock ledger retail tax inclusive indicator to Y, the class level tax indicator to Y, and the VAT inclusive indicator to N for the classes in your department.

Answer: D

Question: 2

The data sent from RMS to the financial system via package integration corresponds to which functional area?

A. Items

B. Purchase Orders

C. Contracts

D. Stock Ledge

Answer: D

Question: 3

Identify a way that supplier traits could be used by a retailer?

A. To select suppliers for ordering

B. To add suppliers to an item

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C. To search for suppliers

D. To group suppliers together for reporting

Answer: D

Explanation:

References:

https://docs.oracle.com/cd/E12448_01/rms/pdf/141/html/user_guide/foundation_data.htm

Question: 4

Your retail organization operates its distribution centers Monday through Friday and is closed on weekends and holidays. Naturally, inbound and outbound deliveries cannot be scheduled for days when the distribution centers are closed. What two setup options exist to configure RMS accordingly?

A. Define the valid supplier-to-DC delivery schedules to control purchase order dates.

B. Define activity schedules for the warehouses to indicate which days they are closed for shipping and receiving.

C. Utilize mass maintenance by location lists to update the warehouse closed dates for each weekend and holiday.

D. Create a timeline that indicates which days the warehouses are open for shipping and receiving operations.

Answer: B,C

Question: 5

Your retail organization has operations in multiple countries, some of which use VAT and other which do not. For countries that do not use VAT, VAT should not be applied to purchase orders made for stores in that country. How should you configure RMS to ensure that this occurs?

A. Do not associate a VAT region with stores that are VAT-exempt.

B. Create a VAT region and indicate that the region is VAT-exempt.

C. Create a VAT region for the VAT-exempt locations and associate a tax code with a rate of zero to the region.

D. During store setup, indicate as VAT-exempt the stores for which VAT does not apply.

Answer: B

Explanation:

References:

http://docs.oracle.com/cd/E12440_01/rpm/pdf/150/html/merch_impg/RMS.htm

Question: 6

You are a department store retailer that reserves floor space for specific designer-label products. The items that you carry in these spaces in your stores are owned by the designer label. You want RMS to track sales of these items and automatically create invoice documents for billing purposes. What represents a valid setup and usage for these items in RMS?

A. Items are set up in a concession department and a cost is defined for the supplier.

B. Items are set up as regular items with a 0 cost and defined as non-inventory.

C. Items are set up in a consignment and manually ordered from the supplier.

D. Items are set up in a consignment department and consignment rate is defined for the supplier.

Answer: A

Explanation:

References:

https://docs.oracle.com/cd/E12448_01/rms/pdf/141/html/user_guide/item_maintenance.htm

Question: 7

Which statement is true about multiple set of books functionally in RMS?

A. One or more org units belong to a single set of books.

B. One or more set of books belong to a single org unit

C. One or more transfer entities belong to a single set of books

D. One or more regions belong to a single set of books

Answer: A

Explanation:

References:

https://docs.oracle.com/cd/E12448_01/rms/pdf/13021/rms-13021-ug.pdfPage: 802

Question: 8

Which three responses represent valid uses for location lists?

A. To add locations to a purchase orde

B. To create a mass cost zone change

C. To create an inventory adjustment

D. To maintain replenishment parameters

E. To set up scheduled item maintenance

Answer: B,D,E

About the Author: Test Information:Total Questions 75Test Number: 1Z0-453Vendor Name: ORACLECert Name: OPN CERTIFIED SPECIALISTTest Name: Oracle Retail Merchandising System 13.2 Foundation Functional Implementer EssentialsOfficial Site:

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Taxing Ebay Part Deux}

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Taxing Ebay Part Deux

by

Tim Knox –

When my column on paying income tax on eBay profits ran it brought a wave of emails on whether you were required to report income earned from eBay sales to the IRS sparked a number of additional questions and comments from eBay sellers who were hoping that I could somehow validate that their eBay activities were mere hobbies instead of actual businesses and therefore not susceptible to IRS taxation.

Several folks argued that just because their little eBay hobby generated a little cash, that didnt make it a full blown business. It seems they consider the income from their little hobby to be financial manna from Heaven and thereby not taxable by earthly tax collectors. Ive always been amused by folks who try to impress me with talk about their little side business but when the subject turns to taxes they suddenly refer to it as my little hobby.

All arguments aside, the conclusion that I came to after reading each of the emails was always the same: while you may think selling on eBay is just a fun pastime and the money you’re making is not reportable as income, depending on the circumstances, the IRS would probably disagree with you.

It seems that everyone likes making money, but hates carving off a piece for good old Uncle Sam. Welcome to free enterprise, folks. If youre going to come to the dance you have to pay the fiddler.

The IRS rules are clear: you must pay taxes on all personal and business income and that includes money you make selling on Ebay.

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In its most basic sense, the IRS rules can be interpreted to mean that if you buy an old vase at a garage sale for $10 and sell it on eBay (or elsewhere) for $20 you made a $10 profit and therefore must report it as income and pay Uncle Sam his fair share.

In reality, if you are a casual seller who only sells a few items on eBay every now and then it’s doubtful the IRS is going to let loose an army of agents to collect taxes on the few bucks you make. However, if you consistently sell on eBay the IRS may deem your activities to be business oriented and you will be required to file a Schedule C and claim the income.

As mentioned last week, the IRS uses a number of factors to determine if an eBay hobby that generates sales revenue is actually a business. These factors include:

Do you carry on the hobby in a business-like manner?

Do you spend considerable time working on the hobby?

Do you depend on income from your hobby for your livelihood?

If the answer to any or all of these question is yes, youre running a business, not carrying on a hobby, and you are responsible for paying taxes on your income.

What’s eBay’s take on all this? Naturally eBay is vehemently opposed to anything that might rock the eBay boat. eBay does not issue 1099 tax forms to sellers, nor does it report seller’s sales figures to the IRS.

Ebay considers itself merely to be a facilitator, meaning that they provide a marketplace in which buyers and sellers come together to do business.

Furthermore, under its current system it would be impossible for eBay to issue accurate 1099s to sellers. eBay does not track if a seller actually gets paid by the buyer, so eBay has no idea how much money – if any – actually changes hands at the end of each transaction.

On the bright side, if you do sell on eBay as a business you can deduct a number of business expenses, including the cost of inventory, listing fees, shipping, envelopes, packing materials, etc.

You might also be able to deduct things like the purchase of a computer for business use, office space (even if it’s a home office), office supplies, and more.

Talk to your accountant if there’s any doubt as to whether you should or should not be paying taxes on your eBay earnings.

Tim KnoxEntrepreneur, Author, Speakerhttp://www.prosperityandprofit.comhttp://www.dropshipwholesale.nethttp://www.smallbusinessqa.comhttp://www.timknox.com

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Taxing Ebay Part Deux
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