Question 1

A corporation formed by a doctor for the sole purpose of providing his services for which he is licensed is called a(n) _____.

Accepted Answer

A)  nonprofit corporation 
B)  S corporation 
C)  professional service corporation 
D)  C corporation 
A)  nonprofit corporation 
B)  S corporation 
C)  professional service corporation 
D)  C corporation

Question 2

What is fractional ownership?

Accepted Answer

Fractional ownership can be defined as a

Question 3

The owners of a corporation are the corporate officers.

Accepted Answer

A) True 
 B)False

Question 4

What does a buy-sell agreement do?

Accepted Answer

A)  It states what the business can do and provides other financial information. 
B)  It details the terms by which stockholders can purchase each other's interest. 
C)  It shows the rights, duties, and responsibilities of each partner. 
D)  It oversees the usage of an expensive asset. 
A)  It states what the business can do and provides other financial information. 
B)  It details the terms by which stockholders can purchase each other's interest. 
C)  It shows the rights, duties, and responsibilities of each partner. 
D)  It oversees the usage of an expensive asset.

Question 5

The _____ form of business generates significant revenues in services, trade, and construction in the United States.

Accepted Answer

A)  partnership 
B)  cooperative 
C)  corporation 
D)  proprietorship 
A)  partnership 
B)  cooperative 
C)  corporation 
D)  proprietorship

Question 6

A proprietorship legally ends with the owner's death, and some legal action must be taken to restart it.

Accepted Answer

A) True 
 B)False

Question 7

What is the purpose of the Uniform Partnership Act (UPA)?

Accepted Answer

A)  It legally terminates the business upon the death of a partner. 
B)  It governs partnerships in the absence of other expressed agreements. 
C)  It provides the protection of limited liability for shareholders. 
D)  It combines the advantages of a corporation with the benefits of a partnership. 
A)  It legally terminates the business upon the death of a partner. 
B)  It governs partnerships in the absence of other expressed agreements. 
C)  It provides the protection of limited liability for shareholders. 
D)  It combines the advantages of a corporation with the benefits of a partnership.

Question 8

A disadvantage of a partnership is that:

Accepted Answer

A)  financial resources are available from one person only. 
B)  each partner is responsible for the acts of the other partners. 
C)  only limited capital can be raised. 
D)  there are inadequate management and employee skills. 
A)  financial resources are available from one person only. 
B)  each partner is responsible for the acts of the other partners. 
C)  only limited capital can be raised. 
D)  there are inadequate management and employee skills.

Question 9

In a corporation, the shareholders elect a board of directors to oversee major decisions.

Accepted Answer

A) True 
 B)False

Question 10

In a partnership, each partner is responsible for the acts of all the other partners.

Accepted Answer

A) True 
 B)False

A corporation formed by a doctor for the sole purpose of providing his services for which he is licensed is called a(n) _____.

What is fractional ownership?

The owners of a corporation are the corporate officers.

What does a buy-sell agreement do?

The _____ form of business generates significant revenues in services, trade, and construction in the United States.

A proprietorship legally ends with the owner's death, and some legal action must be taken to restart it.

What is the purpose of the Uniform Partnership Act (UPA)?

A disadvantage of a partnership is that:

In a corporation, the shareholders elect a board of directors to oversee major decisions.

In a partnership, each partner is responsible for the acts of all the other partners.

Starting Your Small Business

Family-Owned Businesses

Maintaining Good Government Relations and Business Ethics

Becoming the Owner of a Small Business

Planning, Organizing, and Managing a Small Business

How to Obtain the Right Financing for Your Business

Developing Marketing Strategies

Promoting and Distributing

How to Obtain and Manage Human Resources and Diversity in Small Companies

How to Maintain Relationships With Your Employees and Their Representatives

Obtaining and Laying Out Operating Facilities

Purchasing, Inventory, and Quality Control

Basic Financial Planning

Budgeting and Controlling Operations and Taxes

Using Computer Technology in Small Businesses

Risk Management, Insurance, and Crime Prevention

Filters

Exam 3: Forms of Ownership of Small Businesses

A corporation formed by a doctor for the sole purpose of providing his services for which he is licensed is called a(n) _____.

What is fractional ownership?

The owners of a corporation are the corporate officers.

What does a buy-sell agreement do?

The _____ form of business generates significant revenues in services, trade, and construction in the United States.

A proprietorship legally ends with the owner's death, and some legal action must be taken to restart it.

What is the purpose of the Uniform Partnership Act (UPA)?

A disadvantage of a partnership is that:

In a corporation, the shareholders elect a board of directors to oversee major decisions.

In a partnership, each partner is responsible for the acts of all the other partners.

Starting Your Small Business

Family-Owned Businesses

Maintaining Good Government Relations and Business Ethics

Becoming the Owner of a Small Business

Planning, Organizing, and Managing a Small Business

How to Obtain the Right Financing for Your Business

Developing Marketing Strategies

Promoting and Distributing

How to Obtain and Manage Human Resources and Diversity in Small Companies

How to Maintain Relationships With Your Employees and Their Representatives

Obtaining and Laying Out Operating Facilities

Purchasing, Inventory, and Quality Control

Basic Financial Planning

Budgeting and Controlling Operations and Taxes

Using Computer Technology in Small Businesses

Risk Management, Insurance, and Crime Prevention

Filters