Review Game Zone
Flash Cards
(current)
Games
Teachers
Search
Unit 6 Review Part 2
Test Description: Q 11-25
Instructions: Answer all questions to get your test result.
1) Corporations established for a governmental purpose are called
A
profit-making corporations
B
public corporations
C
public service corporations
D
private corporations
2) Electric, gas, and water companies are examples of
A
profit-making corporations
B
public corporations
C
public service corporations
D
private corporations
3) An applications for incorporation must be accompanied by or contain the basic plan of operation called the
A
articles of incorporation
B
shares of stock
C
business judgement rule
D
bylaws
4) The basic type of stock carrying the right to one vote per share owned is
A
preferred stock
B
common stock
C
stock dividend
D
none of these
5) The directors of a corporation
A
set major goals and determine basic policies
B
all of these
C
appoint and set the salaries of the top officers of the company
D
act together to make contracts for the corporation
6) A corporation as the power
A
to use any legal means to conduct authorized business
B
all of these
C
of perpetual succession
D
to make its own bylaws
7) Shareholders do not have the right to
A
inspect corporate books of account
B
possess any public property
C
transfer shares
D
all of these
8) Henry and Madelyn own a small business and have often considered incorporating their business. Which of the following is not an advantage of incorporation?
A
ownership interest are easily transferred
B
the corporation, not individual stock holders, are liable for the corporation's debt
C
it can continue to function after their deaths
D
a corporation is taxed several times
9) Dexter and Desiree would like to organize a ballet company. If their revenues from this corporation exceed its expenses, these revenues will not be distributed to the corporate owners. What type of corporation have they organized?
A
non profit organization
B
public corporation
C
public service corporation
D
charitable corporation
10) Double taxation means that
A
the shareholder's tax rate is doubled
B
the corporation's tax rate is doubled
C
the corporation is taxed on corporate income and shareholders are taxed on dividends
D
both shareholder's and corporation's tax rates are doubles
11) S corporation earnings are
A
only taxed as corporate income
B
none of these
C
only taxed at the individual owner's level
D
taxed both as corporate income and individual owner's income
12) The number of shareholders in an S-corporation must be
A
30 or less
B
unlimited
C
60 or less
D
75 or less
13) Why was the LLC form of business organization created in the United States?
A
to give small businesses the tax advantages of the Subchapter C organization
B
none of these
C
to give larger corporations another option
D
to eliminate some of the inherent flaws both in the limited partnership and Subchapter S corporation
14) In order to form a limited liability corporation in her state, what must Tina do?
A
submit articles of organization with her state
B
both submit articles of incorporation and pay incorporation taxes
C
submit articles of incorporation in her state
D
pay incorporation taxes
15) Which type of business organization is subject to double taxation?
A
none of these
B
subchapter S corporation
C
partnership
D
subchapter C corporation
*select an answer for all questions
Check Results & Get Answers
Play Games with the Questions Above
Teachers: Create FREE classroom games with your questions
Click for more info!
©2007-2024
ReviewGameZone.com
|
About
|
Privacy
|
Contact
|
Terms
|
Site Map
WAIT! Find what you needed?
×
Still Looking for the Answers?
Have Another Question?
Play a Review Game with These Questions?
Want to Make Your Own Test Like This One?