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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
private corporations
C
public service corporations
D
public corporations
2) Electric, gas, and water companies are examples of
A
public corporations
B
profit-making corporations
C
private corporations
D
public service corporations
3) An applications for incorporation must be accompanied by or contain the basic plan of operation called the
A
shares of stock
B
articles of incorporation
C
business judgement rule
D
bylaws
4) The basic type of stock carrying the right to one vote per share owned is
A
common stock
B
stock dividend
C
preferred stock
D
none of these
5) The directors of a corporation
A
set major goals and determine basic policies
B
all of these
C
act together to make contracts for the corporation
D
appoint and set the salaries of the top officers of the company
6) A corporation as the power
A
all of these
B
to make its own bylaws
C
to use any legal means to conduct authorized business
D
of perpetual succession
7) Shareholders do not have the right to
A
possess any public property
B
all of these
C
transfer shares
D
inspect corporate books of account
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
the corporation, not individual stock holders, are liable for the corporation's debt
B
a corporation is taxed several times
C
ownership interest are easily transferred
D
it can continue to function after their deaths
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
charitable corporation
B
public corporation
C
public service corporation
D
non profit organization
10) Double taxation means that
A
the corporation's tax rate is doubled
B
the corporation is taxed on corporate income and shareholders are taxed on dividends
C
both shareholder's and corporation's tax rates are doubles
D
the shareholder's tax rate is doubled
11) S corporation earnings are
A
only taxed at the individual owner's level
B
taxed both as corporate income and individual owner's income
C
none of these
D
only taxed as corporate income
12) The number of shareholders in an S-corporation must be
A
unlimited
B
75 or less
C
60 or less
D
30 or less
13) Why was the LLC form of business organization created in the United States?
A
to give larger corporations another option
B
to eliminate some of the inherent flaws both in the limited partnership and Subchapter S corporation
C
none of these
D
to give small businesses the tax advantages of the Subchapter C organization
14) In order to form a limited liability corporation in her state, what must Tina do?
A
pay incorporation taxes
B
submit articles of incorporation in her state
C
both submit articles of incorporation and pay incorporation taxes
D
submit articles of organization with her state
15) Which type of business organization is subject to double taxation?
A
subchapter C corporation
B
none of these
C
partnership
D
subchapter S corporation
*select an answer for all questions
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