Question 1

In 2006, about 83 percent of all US business annual receipts came from proprietorships.

Accepted Answer

A) True 
 B)False  False

Question 2

One of the operating principles of cooperatives is "operation at cost." What does this mean?

Accepted Answer

In most cases, a cooperative's net income is distributed to individual members in proportion to the volume of business that they have done with the cooperative. A cooperative may choose to retain profits rather than pay them out as patronage returns, but when it does, it normally must pay corporate income tax just as any corporation must. The obligation to return profits to members is a primary factor that separates cooperatives from other forms of business. Noncooperatives are not so obligated and, after paying any tax on profits that may be due, will return profits to the owners of the business in proportion to the owners' investments, or will keep the profits in the business as retained earnings for future growth.

Question 3

Qualification(s) that must be met to form an S-corporation include:

Accepted Answer

A)  Cannot be more than 100 stockholders 
B)  Stockholders must be individual persons rather than corporations 
C)  The election to be taxed as individuals may occur any time during the fiscal year, but prior to filing income taxes each year 
D)  Domestic corporation 
E)  Both a and b 
A)  Cannot be more than 100 stockholders 
B)  Stockholders must be individual persons rather than corporations 
C)  The election to be taxed as individuals may occur any time during the fiscal year, but prior to filing income taxes each year 
D)  Domestic corporation 
E)  Both a and b E

Question 4

In a limited partnership, each individual partner, regardless of the percentage of capital contributed, has equal rights and liabilities, unless stated otherwise in a partnership agreement.

Accepted Answer

A) True 
 B)False

Question 5

Explain the concept of revolving fund financing in cooperatives.

Accepted Answer

Revolving fund financing is a highly adv

Question 6

The form of business organization in the US that generated the greatest amount in business receipts in 2006 was the

Accepted Answer

A)  Single proprietorship 
B)  Partnership 
C)  Corporation 
D)  Cooperative 
A)  Single proprietorship 
B)  Partnership 
C)  Corporation 
D)  Cooperative

Question 7

A relatively new type of business organization that closely resembles a partnership, but provides its members limited liability is a limited liability company.

Accepted Answer

A) True 
 B)False

Question 8

What is a "silent" partner?

Accepted Answer

A silent partner is known by the public

Question 9

The legal document that is filed with the state and which sets forth the basic purpose of a corporation and the means of financing is called the articles of incorporation.

Accepted Answer

A) True 
 B)False

Question 10

Advantage(s) of a proprietorship form of organization is (are)

Accepted Answer

A)  Minimal legal requirements needed to start 
B)  Owner has complete control over the business 
C)  Pays no income tax as a separate business entity 
D)  All of the above 
A)  Minimal legal requirements needed to start 
B)  Owner has complete control over the business 
C)  Pays no income tax as a separate business entity 
D)  All of the above

Question 11

-------------------------------stock usually carries the privilege of voting for the board of directors.

Accepted Answer

The answer of -------------------------------stock usually carries the privilege of voting...

Question 12

A partner is an individual who cannot take an active role in management, but is known to be a partner by the general public.

Accepted Answer

A)  Dormant 
B)  Secret 
C)  Silent 
D)  Nominal 
A)  Dormant 
B)  Secret 
C)  Silent 
D)  Nominal

Question 13

A -------------------------------partner permits individuals to contribute money or other ownership capital without incurring the full legal liability of a general partner.

Accepted Answer

The answer of A -------------------------------partner permits individuals to contribute money...

Question 14

A disadvantage of a partnership is

Accepted Answer

A)  Unlimited liability of each general partner 
B)  It is about as easy to start as a proprietorship 
C)  Partners, as individuals, pay income taxes only on the income generated from their share of the profit. 
D)  None of the above 
A)  Unlimited liability of each general partner 
B)  It is about as easy to start as a proprietorship 
C)  Partners, as individuals, pay income taxes only on the income generated from their share of the profit. 
D)  None of the above

Question 15

------------------------------- allow cooperatives to distribute net returns or margins to members or patrons.

Accepted Answer

The answer of ------------------------------- allow cooperatives to distribute net returns...

Question 16

What functions do boards of directors provide for a corporation?

Accepted Answer

The primary responsibility of the corpor

Question 17

A disadvantage of forming a corporation is that

Accepted Answer

A)  Stockholders are not personally liable for the debts of the corporation 
B)  Double taxation 
C)  Perpetual life 
D)  All of the above 
A)  Stockholders are not personally liable for the debts of the corporation 
B)  Double taxation 
C)  Perpetual life 
D)  All of the above

Question 18

A partnership pays no income tax as a separate business entity.

Accepted Answer

A) True 
 B)False

Question 19

One of the three specific features that delineate cooperatives from non-cooperative businesses is to operate at -------------------------------.

Accepted Answer

The answer of One of the three specific features that...

Question 20

One disadvantage of a cooperative is that in many states each member only has one vote regardless of how many shares of cooperative stock the individual owns.

Accepted Answer

A) True 
 B)False

In 2006, about 83 percent of all US business annual receipts came from proprietorships.

One of the operating principles of cooperatives is "operation at cost." What does this mean?

Qualification(s) that must be met to form an S-corporation include:

In a limited partnership, each individual partner, regardless of the percentage of capital contributed, has equal rights and liabilities, unless stated otherwise in a partnership agreement.

Explain the concept of revolving fund financing in cooperatives.

The form of business organization in the US that generated the greatest amount in business receipts in 2006 was the

A relatively new type of business organization that closely resembles a partnership, but provides its members limited liability is a limited liability company.

What is a "silent" partner?

The legal document that is filed with the state and which sets forth the basic purpose of a corporation and the means of financing is called the articles of incorporation.

Advantage(s) of a proprietorship form of organization is (are)

-------------------------------stock usually carries the privilege of voting for the board of directors.

A partner is an individual who cannot take an active role in management, but is known to be a partner by the general public.

A -------------------------------partner permits individuals to contribute money or other ownership capital without incurring the full legal liability of a general partner.

A disadvantage of a partnership is

------------------------------- allow cooperatives to distribute net returns or margins to members or patrons.

What functions do boards of directors provide for a corporation?

A disadvantage of forming a corporation is that

A partnership pays no income tax as a separate business entity.

One of the three specific features that delineate cooperatives from non-cooperative businesses is to operate at -------------------------------.

One disadvantage of a cooperative is that in many states each member only has one vote regardless of how many shares of cooperative stock the individual owns.

The Business of Agribusiness

Managing the Agribusiness

Economics for Agribusiness Managers

International Agribusiness

Strategic Market Planning

The Marketing Mix

Marketing Decision Tools for Agribusiness

Understanding ﬁnancial Statements

Analyzing ﬁnancial Statements

Financing the Agribusiness

Tools for Evaluating Operating Decisions

Tools for Evaluating Investment Decisions

Production Planning and Management

Supply Chain Management for Agribusiness

Managing Organizational Structure

Managing Human Resources in Agribusiness

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Exam 4: The Organization of an Agribusiness

In 2006, about 83 percent of all US business annual receipts came from proprietorships.

One of the operating principles of cooperatives is "operation at cost." What does this mean?

Qualification(s) that must be met to form an S-corporation include:

In a limited partnership, each individual partner, regardless of the percentage of capital contributed, has equal rights and liabilities, unless stated otherwise in a partnership agreement.

Explain the concept of revolving fund financing in cooperatives.

The form of business organization in the US that generated the greatest amount in business receipts in 2006 was the

A relatively new type of business organization that closely resembles a partnership, but provides its members limited liability is a limited liability company.

What is a "silent" partner?

The legal document that is filed with the state and which sets forth the basic purpose of a corporation and the means of financing is called the articles of incorporation.

Advantage(s) of a proprietorship form of organization is (are)

-------------------------------stock usually carries the privilege of voting for the board of directors.

A partner is an individual who cannot take an active role in management, but is known to be a partner by the general public.

A -------------------------------partner permits individuals to contribute money or other ownership capital without incurring the full legal liability of a general partner.

A disadvantage of a partnership is

------------------------------- allow cooperatives to distribute net returns or margins to members or patrons.

What functions do boards of directors provide for a corporation?

A disadvantage of forming a corporation is that

A partnership pays no income tax as a separate business entity.

One of the three specific features that delineate cooperatives from non-cooperative businesses is to operate at -------------------------------.

One disadvantage of a cooperative is that in many states each member only has one vote regardless of how many shares of cooperative stock the individual owns.

The Business of Agribusiness

Managing the Agribusiness

Economics for Agribusiness Managers

International Agribusiness

Strategic Market Planning

The Marketing Mix

Marketing Decision Tools for Agribusiness

Understanding ﬁnancial Statements

Analyzing ﬁnancial Statements

Financing the Agribusiness

Tools for Evaluating Operating Decisions

Tools for Evaluating Investment Decisions

Production Planning and Management

Supply Chain Management for Agribusiness

Managing Organizational Structure

Managing Human Resources in Agribusiness

Filters