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ETH 321T Week 2 Practice Assignment

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ETH 321T Week 2 Practice Assignment

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ETH 321Week 2 Practice Assignment

  1. What is the definition for a foreign corporation?
  • A business formed outside the U.S.
  • A business formed in a different state
  • A business that passes profits directly to shareholders
  • A business formed within a state

 

  1. What is the definition for a Subchapter S corporation?
  • A business formed outside the U.S.
  • A business that passes profits directly to shareholders
  • A business formed in a different state
  • A business formed within a state

 

  1. Wade and Hunter want to start a business. They have a large amount of capital. They have a good working relationship and believe they will do well sharing management responsibility and in sharing profits. They are happy to be organizing a business together in order to avoid full liability for the business. Which detail(s) of this situation would be most unhelpful toward Wade and Hunter’s decision to organize a general partnership?
  • Sharing profits
  • Avoiding full liability
  • Sharing management responsibility
  • Large amount of capital

 

  1. What is a public corporation?
  • A business with a small number of shareholders
  • A business formed to assist experts in a particular business field
  • A business with a large number of shareholders
  • A business formed by the government

 

  1. What is a closely-held corporation?
  • A business with a small number of shareholders
  • A business formed by the government
  • A business with a large number of shareholders
  • A business formed to assist experts in a particular business field

 

  1. Albus wants to build a business. He wants to start the business fast and reach a large customer base, but he only has a small amount of opening capital. He has no partner with whom to form the business. Which of the following is not a valid reason for Albus to choose a sole proprietorship organization for his business?
  • Has no partner with whom to form the business.
  • Wants to start the business fast
  • Wants to reach a large customer base
  • Small amount of capital

 

  1. Which of the following is false concerning LLCs?
  • LLCs can be taxed as corporations.
  • LLC owners are called members.
  • LLCs are formed in much the same way as a general partnership.
  • LLCs are governed by state statute.

 

  1. Tawny wants to be involved in a business. She has lots of capital to invest and she wants to be involved in management, but does not want to be exposed to personal liability for losses the business might incur and she does not want to have to pay excessive taxes on her gains. Which form of business would be best for Tawny?

 

  • General partnership
  • Corporation
  • Sole proprietorship
  • LLC

 

  1. Kim wants to be involved in a business but is not sure what type of business to join or create. She has some capital to invest, several years of managing experience, and a good network of potential investors and partners. What role would be best for Kim?
  • More than one possible option
  • General partner in a general partnership
  • General partner in a limited partnership
  • Limited partner in a limited partnership

 

  1. Jaden works for LeoHart. He meets with a team to discuss shareholders’ interests and assign managers to run certain parts of the company. What is Jaden’s position in the company?

 

  • Director
  • Shareholder
  • Executive and shareholder
  • Executive

 

  1. Leo and Josh have a welding business organized as a general partnership. A customer comes into the business seeking a welding contract. Leo agrees to do the work for the customer as a separate project from his business with Josh. Which of the following is true?
  • Leo is free to make contracts separate from his business with Josh.
  • Leo may make a separate contract with the customer as long as the customer doesn’t already have a contract with the business itself.
  • Leo cannot contract with the customer unless the customer has had previous business dealings with Leo.
  • Leo has usurped the concept of joint ownership of the business.

 

  1. Del organized his business in Alaska. He does business in both the U.S. and Canada. In Texas, Del’s business would be considered a(n) __________ corporation.
  • Domestic
  • Foreign
  • Alien
  • None of the above

 

  1. What type of franchise would a car dealership typically belong to?
  • Plant-processing franchise
  • Distributorship
  • Chain-style franchise

 

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