Which of the following is an advantage of limited liability companies?
A) Limited liability companies can have any number of owners.
B) The process of formation of limited liability companies is simple and fast.
C) Limited liability companies have a limited number of owners.
D) The foreign status in states other than the ones in which they are organized is not applicable to limited liability companies.
Question 2 - Which form of business is the easiest to start?
A) Corporation
B) Partnership
C) Entrepreneurship
D) Sole proprietorship
E) S-corporation
Question 3 - Ridgley, Cooper, and Ross (RCR)
Katie is the CEO of Ridgley, Cooper, and Ross (RCR), a regional accounting firm. RCR offers services in most areas of accounting, including auditing and consulting services. The firm must follow the GAAP rules, just like any other accounting firm. If there are information gaps that are not addressed and resolved by the firm, RCR could be considered a violator of the Sarbanes-Oxley Act. Katie understands what must be done and wants every employee of the firm to understand that they have to follow all the rules and regulations. Like any other industry, accounting is a competitive industry and employees of accounting firms must be productive, progressive, and well trained.
Refer to Ridgley, Cooper, and Ross. In order to be successful in the accounting industry, RCR employees must
A) know all areas of accounting and marketing.
B) have complete human resources training.
C) be able to communicate in multiple languages.
D) know how to do accounting the old fashioned way-using the manual, double-entry system.
E) have a strong background in financial management.
Question 4 - One of the common errors made by managers appraising employees is
A) overusing one portion of an evaluation instrument.
B) being unfair.
C) only saying nice things.
D) failing to tell the employee where to improve.
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