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In which form of business organization are the owners not offered the protection of limited liability?

Proprietorship

2. In which form of business organization is the taxation effects characterized by the income flowing to shareholders taxed at personal tax rates?

S Corporation

3. Which form of business organization is characterized by having the shortest start-up time and lowest legal costs?

Proprietorship

4. Which form of business organization typically offers the easiest transfer of ownership?

Corporation

Which form of business organization is characterized as having unlimited life?

S Corporation

Which of the following is not a right or a duty of general partners?

Partnership.- some “---” for partnership obligation ( do not)

The rules and procedures established to govern the corporation are called the

Corporate Bylaws

In a general partnership, legal action that treats all partners equally as a group is called:

Joint Liabiliies ?¿?

Which of the following business organizational forms provides the owners with limited investor liability and passes its income before taxes through to the owners?

S Corporation and LLC

Which of the following numbers of shareholders is allowed in a Subchapter S (or S) corporation business form?

74

Intellectual property can be protected by all of the following except:

Copyrights // Legal Disclaimers

Which of the following are intellectual property rights granted for inventions that are useful, novel, and non-obvious?

Patents

Which of the following are intellectual property rights in the form of inventions and information such as formulas, processes, and customer lists that are not generally known to others and which convey economic advantage to the holders?

Trade Secrets

14. Which of the following are intellectual property rights that allow firms to differentiate their products and services through the use of unique marks which allow consumers to easily identify the source and quality of the products and services?

Trade Marks

Which of the following are intellectual property rights to writings in written and electronically stored forms?

Copyrights

Which of the following are not sources of seed and start-up financing?

Equity, Stocks, Bonds

17. Wealthy individuals who invest in early stage ventures in exchange for the excitement of launching a business and a share in any financial rewards are known as?

Business Angels

Business angels typically initiate their investments during the:

Early Stage

Financial statement that provides a snapshot of a business’ financial position as of a specific date is called the:

Balance Sheet

Financial statement that reports the revenues generated and expenses incurred over an accounting period is called the

Income Statement

Financial statement that shows how cash, as reflected in accrual accounting, flows into and out of a company during a specific period of operation is called the:

Cash Flow

The balance sheet equation states that total assets =

Owners Equity Total Liabilities

Which one of the following is not considered to be a current asset?

Fixed Assets

“Retained earnings” is:

Part of Owners Equity (is not a corporate asset)

Cash includes all of the following except:

Certificates of Deposit

26. Which of the following is not a characteristic of marketable securities?

iLiquid

27. Which of the following is not a characteristic of inventories?

Goods Sold not shipped yet

28. Which of the following is not depreciated?

Inventories and Land

29. Which of the following is a use of cash?

Amount dropped in a bond

30. Which of the following is a source of cash?

Amount invested in the .. non payable

31. Which of the following is not a category on the statement of cash flows?

Equity Activities

32. “Net cash...
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