Exam 5: Choosing a Form of Ownership

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Common ownership interest in a business,sharing profits (or losses)of a business,and the right to participate in managing the operations of the business are characteristics of a(n):

(Multiple Choice)

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Question 81

Failing to keep corporate and personal funds separate is most often a problem in closely held corporations.

(True/False)

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Question 82

An owner should choose an S-corporation form of ownership when he/she:

(Multiple Choice)

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Question 83

The corporate form of ownership has a significant advantage in that:

(Multiple Choice)

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Question 84

The form of ownership with the greatest ability to accumulate capital is the:

(Multiple Choice)

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Question 85

There is no legal limit to the number of general partners a partnership must have,but it must have one.

(True/False)

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Question 86

A limited liability company differs from an S-corporation in:

(Multiple Choice)

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Question 87

Why would someone choose an S-corporation? Discuss who can,how it is done,how it is different from or similar to other types of corporations,and its advantages and disadvantages.

(Essay)

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Question 88

Owners/founders can be minority stockholders in a corporation but never lose their final authority or control over business decisions because they are the owners.

(True/False)

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Question 89

The terms of a partnership agreement are legally binding even if some of the items are illegal.

(True/False)

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Question 90

Corporations can also stimulate managers' and employees' incentive on the job by creating an ________ (ESOP).

(Multiple Choice)

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Question 91

Like "C" corporations,S-corporations must pay taxes on any assets that have appreciated in value and are sold.

(True/False)

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Question 92

Shares the corporation itself owns are called:

(Multiple Choice)

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Question 93

An S-corporation form of ownership overcomes which disadvantage of the regular or "C" corporation form of ownership?

(Multiple Choice)

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Question 94

What are the nine general factors an entrepreneur should consider when choosing the form of small business ownership? List and explain at least six of them.

(Essay)

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Question 95

Stockholders in the corporation have the same kind of liability as do general partners in a partnership.

(True/False)

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Question 96

The ________ codifies the body of law dealing with partnerships in the United States.

(Multiple Choice)

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Question 97

The ________ is a document that states in writing all of the terms of operating the partnership for the protection of each partner involved.

(Multiple Choice)

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Question 98

In a partnership,each partner acts as a(n)________ for the business.

(Multiple Choice)

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Question 99

The three key elements of any partnership are:

(Multiple Choice)

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Question 100

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Exam 5: Choosing a Form of Ownership

Common ownership interest in a business,sharing profits (or losses)of a business,and the right to participate in managing the operations of the business are characteristics of a(n):

Failing to keep corporate and personal funds separate is most often a problem in closely held corporations.

An owner should choose an S-corporation form of ownership when he/she:

The corporate form of ownership has a significant advantage in that:

The form of ownership with the greatest ability to accumulate capital is the:

There is no legal limit to the number of general partners a partnership must have,but it must have one.

A limited liability company differs from an S-corporation in:

Why would someone choose an S-corporation? Discuss who can,how it is done,how it is different from or similar to other types of corporations,and its advantages and disadvantages.

Owners/founders can be minority stockholders in a corporation but never lose their final authority or control over business decisions because they are the owners.

The terms of a partnership agreement are legally binding even if some of the items are illegal.

Corporations can also stimulate managers' and employees' incentive on the job by creating an ________ (ESOP).

Like "C" corporations,S-corporations must pay taxes on any assets that have appreciated in value and are sold.

Shares the corporation itself owns are called:

An S-corporation form of ownership overcomes which disadvantage of the regular or "C" corporation form of ownership?

What are the nine general factors an entrepreneur should consider when choosing the form of small business ownership? List and explain at least six of them.

Stockholders in the corporation have the same kind of liability as do general partners in a partnership.

The ________ codifies the body of law dealing with partnerships in the United States.

The ________ is a document that states in writing all of the terms of operating the partnership for the protection of each partner involved.

In a partnership,each partner acts as a(n)________ for the business.

The three key elements of any partnership are:

Entrepreneurs: the Driving Force Behind Small Business

Ethics and Social Responsibility: Doing the Right Thing

Creativity and Innovation: Keys to Entrepreneurial Success

Strategic Management and the Entrepreneur

Franchising and the Entrepreneur

Buying an Existing Business

New Business Planning Process: Feasibility Analysis,business Modeling,

Building a Bootstrap Marketing Plan

Creative Use of Advertising and Promotion

Pricing and Credit Strategies

Global Marketing Strategies

E-Commerce and Entrepreneurship

Creating a Solid Financial Plan

Managing Cash Flow

Sources of Equity Financing

Sources of Debt Financing

Location,layout,and Physical Facilities

Supply Chain Management

Managing Inventory

Staffing and Leading a Growing Company

Management Succession and Risk Management Strategies in the Family Business

The Legal Environment: Business Law and Government Regulation

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