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Quiz 8 answers

Uploaded: 5 years ago
Contributor: bio_man
Category: Business
Type: Lecture Notes
Rating: (1)
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Filename:   Quiz 8 answers.docx (60.04 kB)
Page Count: 6
Credit Cost: 1
Views: 122
Last Download: N/A
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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