Management Quizzes – Homework Answers

When choosing the proper legal form for you business you should take into account all of the following except

Question 1 options:

How long you plan to operate the business
Your vision regarding the size of your business
The level of control you desire
Business vulnerability to law suits

 

Question 2 (1 point)

The vast majority of businesses start out as a

Question 2 options:

General partnership
Joint venture
Proprietorship
Corporation

 

Question 3 (1 point)

All of the following are reasons to form a partnership

Question 3 options:

legally difficult to form
Easy to raise capital
Specialize skills available from each partner
Can use ideas and plans of one or more person

 

Question 4 (1 point)

According to Paul Lemberg, which of the following mistake that can kill a partnership

Question 4 options:

51/49 partnership
49/50 partnership
50/50 partnership
48/52 partnership

 

Question 5 (1 point)

A ____ is a business formed and owned by a group of people called stockholders, given special rights, privileges and limited liabilities by law

Question 5 options:

General partnership
Limited partnership
C Corporation
Corporation

 

Question 6 (1 point)

The rights duties and responsibilities of a partnership are detail in which of the following

Question 6 options:

Partnership Agreement
Bylaws for Partnerships
Article of Ownership
Articles of copartnership

 

Question 7 (1 point)

A ______ agreement, explains how stockholders can buy out each other interest in the article of incorporation

Question 7 options:

Share swap
Shareholder
Buy-sell
Corporate officer

 

Question 8 (1 point)

A form of business ownership receiving growing attention in recent years, with fewer than 100 shareholders

Question 8 options:

LLC’s
Partnership Charters
S Corporations
Governed Directors

 

Question 9 (1 point)

Other legal forms used by small business, include all of the following except

Question 9 options:

LLC’s
LLP’s
FLAM’s
PSC

 

Question 10 (1 point)

If a small business is considering changing it’s initial legal form to another legal form it should consideration all of the following except

Question 10 options:

The current legal form of the business
The major risk associated with the change in form
Is unlimited liability a serious potential problem
The IRS fee for changing the form of a business

 

Question 11 (1 point)

The ____ company combines the advantages of a corporation, such as liability protection, with the benefits of a partnership such as tax advantages

Question 11 options:

Limited-liability
Limited Partnership
Profession Service
Family Limited

 

Question 12 (1 point)

A form of temporary partnership whereby two or more firms join into a single endeavor to make a profit

Question 12 options:

Cooperation
Joint venture
Fractional ownership
Nonprofit corporation

 

Question 13 (1 point)

In a _____ each partner actively participate as an equal in managing the business and being liable for the acts of the other partners

Question 13 options:

Limited partnership
partnership
General partnership
Copartnership

 

Question 14 (1 point)

A regular corporation that provides the protection of a limited liability for shareholders, but its earnings are taxed at both the corporate and shareholders levels

Question 14 options:

S Corporation
Limited Corporation
C Corporation
Corporate Charter

 

Question 15 (1 point)

One or more general partners conduct the business, while one or more limited partners contribute capital but do not participate in management and are not liable for the debts of the general partners

Question 15 options:

General partnership
Limited partnership
Limited C corporation
Limited S coporation

 

Question 16 (1 point)

Which of the following is a disadvantage of a partnership form of a business

Question 16 options:

Each partner is responsible for the acts of the other partners
Easy to form
Can raise more capital
Division of labor and management responsibilities

 

Question 17 (1 point)

The instrument by which a corporation is formed under the laws of a given state

Question 17 options:

Buy-sell agreement
Corporate charter
Article of corporation
Stock holder agreement

 

Question 18 (1 point)

States what the business can do and provide and provides other organizational and financial information

Question 18 options:

Corporate charter
Limited charter
Partnership charter
Profession service charter

 

Question 19 (1 point)

A business organize for the sole purpose of providing professional service for which each shareholder is licensed

Question 19 options:

Nonprofit corporation
Professional service corporation
Limited liability corporation
Family-limited

 

Question 20 (1 point)

After Katrina devastated the Gulf Coast, a new housing boom begin, where an individual could by one-eight of a percentage share of an expensive assets

Question 20 options:

Cooperative ownership
Fractional ownership
Fractional joint venture
none of the above
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