Question 1

Which of the following ways of distributing the income of corporations is taxed twice?

Accepted Answer

A) Bonus 
B) Salary 
C) Profit sharing 
D) Dividends 
A) Bonus 
B) Salary 
C) Profit sharing 
D) Dividends

Question 2

Liability is one of the most critical reasons for establishing a:

Accepted Answer

A) limited liability company. 
B) corporation. 
C) partnership. 
D) sole proprietorship. 
A) limited liability company. 
B) corporation. 
C) partnership. 
D) sole proprietorship.

Question 3

What are the main characteristics of an LLC?

Accepted Answer

•Whereas the corporation has shareholder

Question 4

According to Cynthia Kocialski an advisory board should have:

Accepted Answer

A) 2 members. 
B) 4 members. 
C) 6 members. 
D) 8 members. 
A) 2 members. 
B) 4 members. 
C) 6 members. 
D) 8 members.

Question 5

In an S corporation,the transfer of interest can occur:

Accepted Answer

A) only with the consent of the other shareholders. 
B) only if there is a charter provision for doing so. 
C) only as long as the buyer is an individual. 
D) depending on the agreement. 
A) only with the consent of the other shareholders. 
B) only if there is a charter provision for doing so. 
C) only as long as the buyer is an individual. 
D) depending on the agreement.

Question 6

A_____ can raise capital through bonds,stock and debt.

Accepted Answer

A) sole proprietorship 
B) partnership 
C) corporation 
D) LLP 
A) sole proprietorship 
B) partnership 
C) corporation 
D) LLP

Question 7

The board of directors should be an even number of members.

Accepted Answer

A) True 
 B)False

Question 8

In an LLP,the transfer of interest of one limited partner is typically not allowed.

Accepted Answer

A) True 
 B)False

Question 9

The limited liability company is automatically taxed as a corporation.

Accepted Answer

A) True 
 B)False

Question 10

Since a corporation is recognized as a separate tax,it has the advantage of being able to take many deductions and expenses that are not available to the proprietorship or partnership.

Accepted Answer

A) True 
 B)False

Question 11

S corporation status means:

Accepted Answer

A) shareholders do not have limited liability. 
B) the corporation is subject to a minimum tax of 34 percent. 
C) consent by a majority of shareholders is required for the election of this form of business. 
D) the corporation pays no tax. 
A) shareholders do not have limited liability. 
B) the corporation is subject to a minimum tax of 34 percent. 
C) consent by a majority of shareholders is required for the election of this form of business. 
D) the corporation pays no tax.

Question 12

The standard term of a limited liability company is:

Accepted Answer

A) 15 years. 
B) 20 years. 
C) 25 years. 
D) 30 years. 
A) 15 years. 
B) 20 years. 
C) 25 years. 
D) 30 years.

Question 13

Sole proprietors can access two sources of capital-personal contributions from the entrepreneur and sale of stock.

Accepted Answer

A) True 
 B)False

Question 14

Transferability of interest is easiest in a limited partnership.

Accepted Answer

A) True 
 B)False

Question 15

The corporation can be created only by statute.

Accepted Answer

A) True 
 B)False

Question 16

Which for form of organization has time limits on writing off capital losses?

Accepted Answer

A) partnership 
B) corporation 
C) sole proprietorship 
D) LLP 
A) partnership 
B) corporation 
C) sole proprietorship 
D) LLP

Question 17

The sole proprietorship form of ownership gives owners the most control of business operations.

Accepted Answer

A) True 
 B)False

Question 18

In a partnership,the general partners usually share the amount of personal liability according to their capital contributions.

Accepted Answer

A) True 
 B)False

Question 19

In a limited partnership,the limited partners are equally liable for the debts of the partnership.

Accepted Answer

A) True 
 B)False

Question 20

The standard term of a limited liability company is 30 years.

Accepted Answer

A) True 
 B)False

Which of the following ways of distributing the income of corporations is taxed twice?

Liability is one of the most critical reasons for establishing a:

What are the main characteristics of an LLC?

According to Cynthia Kocialski an advisory board should have:

In an S corporation,the transfer of interest can occur:

A_____ can raise capital through bonds,stock and debt.

The board of directors should be an even number of members.

In an LLP,the transfer of interest of one limited partner is typically not allowed.

The limited liability company is automatically taxed as a corporation.

Since a corporation is recognized as a separate tax,it has the advantage of being able to take many deductions and expenses that are not available to the proprietorship or partnership.

S corporation status means:

The standard term of a limited liability company is:

Sole proprietors can access two sources of capital-personal contributions from the entrepreneur and sale of stock.

Transferability of interest is easiest in a limited partnership.

The corporation can be created only by statute.

Which for form of organization has time limits on writing off capital losses?

The sole proprietorship form of ownership gives owners the most control of business operations.

In a partnership,the general partners usually share the amount of personal liability according to their capital contributions.

In a limited partnership,the limited partners are equally liable for the debts of the partnership.

The standard term of a limited liability company is 30 years.

Entrepreneurship and the Entrepreneurial Mind-Set

Entrepreneurial Intentions and Corporate Entrepreneurship

Entrepreneurial Strategy: Generating and Exploiting New Entries

Creativity and the Business Idea

Identifying and Analyzing Domestic and International Opportunities

Intellectual Property and Other Legal Issues for the Entrepreneur

The Business Plan: Creating and Starting the Venture

The Marketing Plan

The Financial Plan

Sources of Capital

Informal Risk Capital, venture Capital, and Going Public

Strategies for Growth and Managing the Implication of Growth

Accessing Resources for Growth From External Sources

Succession Planning and Strategies for Harvesting and Ending the Venture

Filters

Exam 9: The Organizational Plan

Which of the following ways of distributing the income of corporations is taxed twice?

Liability is one of the most critical reasons for establishing a:

What are the main characteristics of an LLC?

According to Cynthia Kocialski an advisory board should have:

In an S corporation,the transfer of interest can occur:

A_____ can raise capital through bonds,stock and debt.

The board of directors should be an even number of members.

In an LLP,the transfer of interest of one limited partner is typically not allowed.

The limited liability company is automatically taxed as a corporation.

Since a corporation is recognized as a separate tax,it has the advantage of being able to take many deductions and expenses that are not available to the proprietorship or partnership.

S corporation status means:

The standard term of a limited liability company is:

Sole proprietors can access two sources of capital-personal contributions from the entrepreneur and sale of stock.

Transferability of interest is easiest in a limited partnership.

The corporation can be created only by statute.

Which for form of organization has time limits on writing off capital losses?

The sole proprietorship form of ownership gives owners the most control of business operations.

In a partnership,the general partners usually share the amount of personal liability according to their capital contributions.

In a limited partnership,the limited partners are equally liable for the debts of the partnership.

The standard term of a limited liability company is 30 years.

Entrepreneurship and the Entrepreneurial Mind-Set

Entrepreneurial Intentions and Corporate Entrepreneurship

Entrepreneurial Strategy: Generating and Exploiting New Entries

Creativity and the Business Idea

Identifying and Analyzing Domestic and International Opportunities

Intellectual Property and Other Legal Issues for the Entrepreneur

The Business Plan: Creating and Starting the Venture

The Marketing Plan

The Financial Plan

Sources of Capital

Informal Risk Capital, venture Capital, and Going Public

Strategies for Growth and Managing the Implication of Growth

Accessing Resources for Growth From External Sources

Succession Planning and Strategies for Harvesting and Ending the Venture

Filters