Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
business law #5
| Question | Answer |
|---|---|
| Which form of business is the easiest to set up? | sole proprietorship |
| Which forms of business organization does not involve unlimited personal liability for its owners? | corporation ( |
| A partnership agreement can be structured so as to continue the partnership business even if the partnershi is dissolved. | true |
| Which of the following is known to the public but does not participate in management? | silent partner |
| If a partner dies the partnership is dissolved. | true |
| If a partnership is formed for a period of 5 years, it cannot be terminated before the end of the 5 years. | false |
| A partner who invests more time or money in the partnership has a right to a larger percentage of the profits? | false |
| Which of the following is active in management of a partnership but unknown to the public? | secret partner |
| Which form of business has the greatest potential to bring together large sums of capital? | corporation |
| Which form of business organization needs a charter from the state? | corporation |
| Which form of business has the greatest potential for attracting professional managers? | corporation |
| Which of the following does not participate in management and is only potentially liable for her/his investment in the partnership? | limited partner |
| A partner may engage in other businesses, even if they compete with the partnership? | false |
| special partnership | Partnership organized for a single transaction. |
| non-trading partnership | Partnership that provides professional and noncommercial assistance or advice. |
| limited parternship | Partner with limited liability. |
| partnership | Association of two or more to do business as co-owners for profit. |
| silent partner | Partner who is publicly known but not actively managing. |
| dormant partner | Partnership who is not publicly known and not actively managing. |
| corporation | Artificial person created as a legal entity by the authority of federal or state law. |
| secret partner | Partner who is not publicly known but is actively managing. |
| sole proprietorship | Simplest form of business organization. |
| termination | Conclusion of a partnership's legal existence. |
| Which form of business organization is looked upon as being an artificial entity, separate from its owners? | corporation |
| Every general partner has an equal right to participate in management of the firm? | true |
| The UPA governs | partnership |
| Which form of business organization does not terminate upon the death of its owners? | corporation |
| All a corporation's shareholders must assent before the subchapter S status can be assumed. | true |
| All corporations are subject to double taxation. | false |
| There have to be at least two general partners in a limited partnership | false |
| Which rule protects corporate officers from being held personally liable to parties outside the corporation for honest errors of judgment made in carrying out the corporate business? | business judgment rule |
| dividends | Distributions of corporate earnings |
| shares of stock | Units of ownership in a corporation |
| proxy | Power to vote shares for shareholders |
| articles of incorporation | Application to a state for a corporate charter |
| consolidation | Combination of two companies into one new one |
| bylaws | Rules for the internal organization and management of a corporation |
| preferred stock | Non-voting stock conveying the right to receive a stipulated dividend before any common shareholders receive their dividends |
| common stock | Basic stock in a corporation conveying the right to vote and to receive dividends to its owner |
| incorporators | Signers of the articles of incorporation |
| directors | Individuals elected by the share holders to be responsible for the overall direction of the corporation |
| In the event of problems, individual stockholders in a corporation generally stand to lose only what they have invested in the corporation? | true |
| Which of the following is not required to be in the articles of incorporations? | all information listed is required |
| A rule adopted by a corporation's board of directors that calls for a stockholder meeting every six months is termed? | bylaw |
| Which of the following records do not have to be kept in the limited partnership's designated office within the certifying state? | tax records for the last 5 years |
| Corporations are the most numerous form of business in the United States. | false |
| What is the maximum number of stockholders in subchapter S corporation? | 75 |
| articles of organization | Document filed with the state to organize an LLC |
| double taxation | Taxation of a corporation as an entity based on its earnings and then of the shareholders on corporate dividends |
| LLP | Form of business organization that offers limited liability only to tortious conduct |
| limited liability corporation | Form of business organization that avoids double taxation, affords partial limited liability protection, and is easily convertible from the partnership form |
| members | Owners of an LLC |
| S corporation | Form of business organization in which earnings are treated the same as a gain from a partnership and only taxed at the individual owner's level |
| All common stockholders must vote their share in every corporate election. | false |
| An LLC can have no more than 75 members | false |
| A subchapter S corporation can include as stockholder a venture capitalist living in Japan. | false |
| LLCs are still subject to double taxation. | false |
| Shareholders will always be paid dividends as long the corporation makes a profit. | false |
| Which of the following will NOT result in a corporate dissolution? | firing of CEO |
| Only a state can authorize the creation of a corporation? | true |
| No-par stock is originally sold at a price set by the market? | false |
| Which of the following could not be an LLC member? | all listed can be members |
| Safety in the workplace is the area of responsibility of the | OSHA |
| The first federal agency was created in response to the Great Depression of the 1930's. | false |
| Which agency is the oldest? | ICC |
| Which of the following is NOT a focus of review of agency decisions by the federal appellate courts? | does a state agency have the same job? |
| The government regulates the New York and American Stock Exchanges | true |
| Which of the following is looked upon as being necessary for due process? | all of the answers listed are correct |
| The consolidation of legislative, executive and judicial powers in an agency violates the principle of separation of powers. | true |
| Which of the following is not a statute enacted to create public accountability for agency activities? | Interstate Commerce Act |
| NLRB | regulates collective bargaining |
| Federal Register | government publication containing agency regulations |
| FDA | regulates safety of drugs |
| CPSC | regulates toy safety |
| Federal Reserve System's Board of Governors (FED) | regulates interest rates |
| FTC | regulates unfair trade practices |
| SEC | regulates the national stock exchanges |
| FCC | regulates television broadcasting |
| due process | notice of charges or potential rulemaking coupled with opportunity to appear, present evidence, and confront witnesses if warranted |
| intrastate commerce | commerce conducted wholly within one state |
| EPA | regulates the disposal of toxic waste |
| There are no limitations on agency powers. | false |
Created by:
stephparnell