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Quiz 8 answers
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Uploaded: 5 years ago
Category: Business
Type: Lecture Notes
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Filename: Quiz 8 answers.docx
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Transcript
Question 1
1 / 1 pts
A sole proprietor has ________ liability.
A sole proprietor has ________ liability.
contract liability
tort liability
liability of duty
Correct!
unlimited personal
Question 2
1 / 1 pts
The limited liability of limited partners includes ________.
The limited liability of limited partners includes ________.
unlimited personal liability
You Answered
personal liability for the debts of the limited partnership
liability up to the amount of their contributions
personal liability for the obligations of the general partnership
Question 3
1 / 1 pts
To form a sole proprietorship, ________ is required.
To form a sole proprietorship, ________ is required.
an application procedure as defined by the state in which the sole proprietor lives
a letter of intent to the sole proprietor's locality
completion of a simple federal form
Correct!
a local business license
Question 4
1 / 1 pts
The benefits of operating a business as a limited liability corporation include all of the following EXCEPT ________.
The benefits of operating a business as a limited liability corporation include all of the following EXCEPT ________.
business is managed by the owners
owners have limited liability for the debts and obligations of the partnership
the business cannot be sued by another party
You Answered
business can be taxed as a partnership
Question 5
1 / 1 pts
Partnership law is codified in the ________.
Partnership law is codified in the ________.
laws of each state
Correct!
Uniform Partnership Act
Sarbanes-Oxley Act
U.S. Constitution
Question 6
1 / 1 pts
If a general partnership business partner causes damage to an individual's personal property while conducting business, any or all members of the partnership may be sued. This is allowable under ________.
If a general partnership business partner causes damage to an individual's personal property while conducting business, any or all members of the partnership may be sued. This is allowable under ________.
contract liability
Correct!
tort liability
general partnership liability
joint liability
Question 7
1 / 1 pts
Duty of loyalty as it pertains to a general partnership includes which of the following?
Duty of loyalty as it pertains to a general partnership includes which of the following?
absence of negligence
You Answered
informing partners when knowledge is possessed that may affect business affairs
not usurping a partnership opportunity
obedience to the partnership agreement
Question 8
1 / 1 pts
The simplest form of a business organization is the ________.
The simplest form of a business organization is the ________.
Correct!
sole proprietorship
limited partnership
corporation
general partnership
Question 9
1 / 1 pts
The voluntary association of two or more persons for carrying on a business as co-owners, for profit, is called a ________.
The voluntary association of two or more persons for carrying on a business as co-owners, for profit, is called a ________.
corporation
sole proprietorship
Correct!
general partnership
limited partnership
Question 10
1 / 1 pts
Which form of business organization has been recognized since ancient times?
Which form of business organization has been recognized since ancient times?
corporation
general partnership
You Answered
sole proprietorship
limited partnership
11/ Self-dealing is considered part of which general partnership duty?
>duty of loyalty
12/The business partners in a general partnership have all of the following rights EXCEPT the right ________.
>of return of loans and capital regardless of debt to creditors
13/The simplest form of a business organization is the
> sole proprietorship
14/ After dissolution of a general partnership, assets are distributed after debts have been satisfied, in the following order:
> creditor non-partners, creditor-partners, capital contributions, profits
15/ Which of the following statements is true about corporations?
> Corporations can hold title to property.
16/ A limited liability partnership
> usually cannot be formed by non-professionals
17/ ________ corporations have many shareholders, whereas, ________ corporations only have a few shareholders who are often personally involved with the company.
> Publicly held; closely held
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