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