Chapter 17 Small Business Organizations N.B.: TYPE indicates that a question is new, modified, or unchanged, as follows. N A question new to this edition of the Test Bank. + A question modified from the previous edition of the Test Bank. = A question included in the previous edition of the Test Bank. TRUE/FALSE QUESTIONS 1. A sole proprietor does not own the entire business. ANSWER: F PAGES: Section 1 TYPE: N BUSPROG: Analytic AICPA: BB-Legal 2. In choosing a form of business organization for a new enterprise, important factors include the ability to raise capital. ANSWER: T PAGES: Section 1 TYPE: N BUSPROG: Reflective AICPA: BB-Critical Thinking 3. A sole proprietor is free to make any decision he or she wishes …show more content…
As a sole proprietor, on the business’s profits, Kari pays a. no income taxes. b. only personal income taxes. c. only business income taxes. d. both personal and business income taxes. ANSWER: B PAGES: Section 1 TYPE: N BUSPROG: Reflective AICPA: BB-Legal 2. Silvano owns Textbooks Plus, a sole proprietorship that sells textbooks and other school supplies. When Silvano dies, Textbooks Plus will automatically a. dissolve. b. pass to Silvano’s heirs. c. pass to the state. d. be offered for sale to its creditors and competitors. ANSWER: A PAGES: Section 1 TYPE: N BUSPROG: Reflective AICPA: BB-Legal 3. Noah and Orin do business as Personnel Providers, an employment agency. In most states, for purposes of suing and being sued, Personnel Providers, which is a partnership, would be treated as a. an aggregate of the individual partners. b. a natural person. c. an entity. d. a non-existent party. ANSWER: C PAGES: Section 2 TYPE: + BUSPROG: Reflective AICPA: BB-Legal 4. Luke and Maya form Northwest Air Express, a general partnership. The essential elements of this partnership do not include a. a sharing of profits and losses. b. a joint ownership of the business. c. an equal right to management in the business. d. goodwill. ANSWER: D PAGES: Section 2 TYPE: N BUSPROG: Reflective AICPA: BB-Legal 5. Bayside Marina Company and Canoes & Kayaks Inc., share officers, directors, employees, property, and equipment. In reliance
True or False: A permanent magnet is a piece of material that has been magnetized and can hold its magnetic strength for a reasonable length of time. True.
| A general partnership is comprised of a group of two or more individuals who enter into an agreement to start a business. The partners and the business are legally the same. The partners enter into an agreement called the articles of partnership and are typically equally active in the business and the business’s management, unless otherwise stated in the partnership agreement. All profits and losses are shared by the partners in a joint business venture.
Know which of the following statements is not true regarding the characteristics of a general partnership?
A writ of execution applies to a debtor’s nonexempt real or personal property wherever located.
The Social Model of disability came about through the disability movement and other organisation campaigning for equal rights, opportunities and choices for disabled people. The social model of disability recognises that any problem of disability are created by society and its institution and that The Discrimination Acts are tools to help to improve the response of society to disability, also a wheel chair user is not hampered by their disability but by lack of adequate access to buildings. The social model may impact upon our practise as we would provide inclusive environments as a starting point for all children. The Scope website stated ‘The social model of disability says that disability is caused by the way
Before going to trial, the parties meet, with their attorneys to represent them, to try to resolve their dispute without the involvement of a third party. This is
Unit 9- Outdoor and Adventurous Expeditions P1- Describe 4 Different Expeditions By: Hayley Hawkins Anna McNuf Aim: Cycle 11,000 miles around 50 USA states along with to get kids and communities inspired on bikes and to raise awareness and funds for a chosen charity Year: July, 2013 Expedition: cycle 11,000 miles through North America, taking in one beautiful Canadian province and all 50 states of the USA. Starting in Alaska and ending with Hawaii Goal: Cycle through 50 States Equipment- clothes, bike, tent, sleeping bag, map, cycling shoes, water cleaner (Jet Boil Flash), GO PRO, Ipad and Iphone. Starting in Alaska and ending in Hawaii, I'll pedalled, unassisted, through each and every US state.
1. Describe the ways in which swing music and popular culture were interrelated during the time known as the swing era.
More than two hundred years ago, the Declaration of Independence recognized the importance of protecting creative works.
It depends on the frequency in which you need to maintain email lists. If you need to verify your email lists on a regular basis, then you should purchase a monthly subscription. In case you have only one email list and would like to pay for it once, then we recommend purchasing a "Pay As You Go" package. > Only in limited cases. If your children are under 21 years old and unmarried, they’re eligible for burial. That coverage extends to 23 if they’re a full-time student. Moreover, children of veterans are eligible at any age if they’re physically or mentally disabled, rendering them incapable of self-support.
IPv4 address exhaustion- A term referring to the very real problem in the worldwide Internet, which first presented itself in the late 1980s, in which the world appeared to be running out of the available IPv4 address space.
Employee performance is a performance criteria standard of an employee, they must have good behaviour and mustn’t do anything bad like waste time. Employees are rated on how well they do their jobs compared with a set of standards determined by the employer.
* A broader capital base gives the company more access to credit which gives the company an option to venture into new business opportunities
There was another problem of setting up capital required by the company for starting the production.
Raising Capital it one of the most important thing in any business. It's useless having a great idea and the right connections if you don't have the money to get it going. Without capital, your business can't get off the ground. You need it to buy products or materials, pay wages, have a secure cash flow and generally run your business on a day-to-day basis. The most common types of debt capital are bank loans, personal loans, bonds and credit card debt. When looking to grow, a company can raise funds by applying for a new loan or opening a line of credit. This type of funding is referred to as debt capital as it involves borrowing money under a contracted agreement to repay the funds at a later date. With the possible exception of