Bl worksheet Chapter 16 True/False



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BL Worksheet Chapter 16
True/False

Indicate whether the statement is true or false.
____ 1. Business profits or losses are combined with the sole proprietor's other income for income tax purposes.
____ 2. In a general partnership, each partner is liable for the other partners' actions within the scope of the partnership.
____ 3. A secret partner has limited liability for the partnership's debts.
____ 4. The biggest advantage to a sole proprietorship is the limited liability regarding losses and lawsuits.
____ 5. A partner cannot personally transfer ownership of property.
____ 6. Unless otherwise stated in the partnership agreement, partners share equally in the profits.
____ 7. The difference between a joint venture and a partnership is that there is no ongoing relationship in a joint venture.
____ 8. A public corporation can be either a C corporation or an S corporation.
____ 9. The articles of incorporation is a legal document filed with the state in order to establish a corporation.
____ 10. The dissolution of an LLC is similar to a partnership and can occur for any of the same reasons.
Multiple Choice

Identify the choice that best completes the statement or answers the question.
____ 11. Most partnership law is set forth in the

a.

Articles of Partnership.

c.

Uniform Partnership Act.

b.

Uniform Commercial Code.

d.

Tenancy in Partnership Act.

____ 12. A partnership that is formed simply by the way two or more people conduct their business together is called



a.

partnership by estoppel.

c.

apparent partnership.

b.

partnership by proof of existence.

d.

limited partnership.

____ 13. A partner who takes no active role, but is known publicly and has unlimited liability is a



a.

silent partner.

c.

dormant partner.

b.

secret partner.

d.

limited partner.

____ 14. Co-ownership of all real and personal property included in the partnership is referred to as



a.

joint tenancy.

c.

tenancy by estoppel.

b.

uniform tenancy.

d.

tenancy in partnership.

____ 15. When a partnership ends, the firm's assets are first paid to



a.

partners who lent money to the firm.

b.

partners who put money into the firm.

c.

surplus due partners.

d.

creditors other than partners.

____ 16. Which of the following partnership rights was added when the UPA was revised?



a.

the right to share in the profits

b.

the right to manage the firm

c.

the right to use partnership property

d.

the right to sue a partner or the partnership

____ 17. Which of the following is NOT a way that a partnership can be dissolved?



a.

by the acts of the partners

c.

by the RUPA

b.

by operation of law

d.

by court order

____ 18. A corporation that formed in Texas but operates in Florida is called a(n)



a.

domestic corporation.

c.

alien corporation.

b.

foreign corporation.

d.

S corporation.

____ 19. An example of a public corporation is



a.

the local school district.

c.

Habitat for Humanity.

b.

Microsoft.

d.

McDonald’s.

____ 20. In a corporation, the shareholder’s liability is



a.

limited to the amount of money paid for the shares in the corporation.

b.

unlimited based on the articles of incorporation.

c.

limited to $100,000.

d.

unlimited based on the most recent vote by the board of directors.



Completion

Complete each statement.
21. The owners of an LLC escape ____________________ taxation.
22. Every partnership must have at least one ____________________ partner.
23. A(n) ____________________ partner has an active role and unlimited liability but is not publicly known to be a partner.
24. A ____________________ is the easiest type of business to form.
25. Before a partnership ends, there must be ____________________ period to close down business operations.
26. Courts will sometimes ____________________ and hold shareholders personally liable.
27. An LLC must have a(n) ____________________ in the state where it is organized.
28. Property contributed to the partnership when it is established is called ____________________.
29. A(n) ____________________ corporation is formed for educational, religious, charitable, or social purposes.
Matching
Match each term with its definition.

a.

sole proprietorship

f.

S corporation

b.

dissociation

g.

limited liability company (LLC)

c.

limited partnership

h.

corporation

d.

limited liability partnership (LLP)

i.

joint liability

e.

shareholder

j.

C corporation

____ 30. A business entity that combines the best features of a partnership and a corporation


____ 31. Allows the business to continue doing business when a partner leaves the firm
____ 32. An entity with the legal authority to act as a single person, distinct from its owners
____ 33. Form of business that is owned and operated by one person
____ 34. A partnership with one or more general partners and one or more limited partners
____ 35. An individual who has one vote for every share of stock held
____ 36. Subject to double taxation
____ 37. A business in which each partner is not responsible for the acts of the other partners
____ 38. In a partnership, all the partners must be sued together in a lawsuit
____ 39. Avoids double taxation but has limitations on the number of shareholders allowed

BL Worksheet Chapter 16

Answer Section
TRUE/FALSE
1. ANS: T PTS: 1 DIF: 2 REF: 358

NAT: NBEA IV


2. ANS: T PTS: 1 DIF: 2 REF: 359

NAT: NBEA IV | NBEA IVA3h | NBEA IVA3j


3. ANS: F PTS: 1 DIF: 2 REF: 360

NAT: NBEA IV | NBEA IVA2b


4. ANS: F PTS: 1 DIF: 2 REF: 358

NAT: NBEA IV


5. ANS: T PTS: 1 DIF: 2 REF: 361

NAT: NBEA IV | NBEA IVA2a | NBEA IVA3c


6. ANS: T PTS: 1 DIF: 1 REF: 361

NAT: NBEA IV | NBEA IVA2a


7. ANS: T PTS: 1 DIF: 2 REF: 365

NAT: NBEA IV | NBEA IVA3l


8. ANS: F PTS: 1 DIF: 1 REF: 367

NAT: NBEA IV | NBEA IVB3a


9. ANS: T PTS: 1 DIF: 1 REF: 369

NAT: NBEA IV | NBEA IVB3b


10. ANS: T PTS: 1 DIF: 2 REF: 371

NAT: NBEA IV | NBEA IVB | NBEA IVC


MULTIPLE CHOICE
11. ANS: C PTS: 1 DIF: 2 REF: 358

NAT: NBEA IV | NBEA IVA3b


12. ANS: B PTS: 1 DIF: 2 REF: 359

NAT: NBEA IV


13. ANS: A PTS: 1 DIF: 2 REF: 360

NAT: NBEA IV | NBEA IVA2b


14. ANS: D PTS: 1 DIF: 3 REF: 361

NAT: NBEA IV | NBEA IVA3c


15. ANS: D PTS: 1 DIF: 3 REF: 363

NAT: NBEA IV | NBEA IVA3e | NBEA IVA3k


16. ANS: D PTS: 1 DIF: 3 REF: 361

NAT: NBEA IV | NBEA IVA3b | NBEA IVA3d | NBEA IVA3i


17. ANS: C PTS: 1 DIF: 2 REF: 362-363

NAT: NBEA IV | NBEA IVA3e


18. ANS: B PTS: 1 DIF: 2 REF: 369

NAT: NBEA IV | NBEA IVB3a


19. ANS: A PTS: 1 DIF: 2 REF: 367

NAT: NBEA IV | NBEA IVB3a


20. ANS: A PTS: 1 DIF: 2 REF: 367

NAT: NBEA IV | NBEA IVB3g


COMPLETION
21. ANS: double

PTS: 1 DIF: 2 REF: 371 NAT: NBEA IV | NBEA IVC3e


22. ANS: general

PTS: 1 DIF: 1 REF: 360 NAT: NBEA IV | NBEA IVA2b


23. ANS: secret

PTS: 1 DIF: 1 REF: 360 NAT: NBEA IVA2b


24. ANS: sole proprietorship

PTS: 1 DIF: 1 REF: 357 NAT: NBEA IV


25. ANS: winding up

PTS: 1 DIF: 2 REF: 363

NAT: NBEA IV | NBEA IVA3f | NBEA IVA3g
26. ANS: pierce the corporate veil

PTS: 1 DIF: 3 REF: 370 NAT: NBEA IV | NBEA IVB3c


27. ANS: statutory agent

PTS: 1 DIF: 3 REF: 371

NAT: NBEA IV | NBEA IVC | NBEA IVC3a
28. ANS: partnership property

PTS: 1 DIF: 1 REF: 361 NAT: NBEA IV | NBEA IVA3c


29. ANS: nonprofit

PTS: 1 DIF: 1 REF: 368 NAT: NBEA IV |


MATCHING
30. ANS: G PTS: 1 DIF: 1 NAT: NBEA IV | NBEA IVC3a
31. ANS: B PTS: 1 DIF: 1 NAT: NBEA IV
32. ANS: H PTS: 1 DIF: 1 NAT: NBEA IV | NBEA IVB2a
33. ANS: A PTS: 1 DIF: 1 NAT: NBEA IV
34. ANS: C PTS: 1 DIF: 1

NAT: NBEA IV | NBEA IVA3h | NBEA IVA3j


35. ANS: E PTS: 1 DIF: 1 NAT: NBEA IV |
36. ANS: J PTS: 1 DIF: 1 NAT: NBEA IV |
37. ANS: D PTS: 1 DIF: 1 NAT: NBEA IV | NBEA IVA3l
38. ANS: I PTS: 1 DIF: 1 NAT: NBEA IV
39. ANS: F PTS: 1 DIF: 1 NAT: NBEA IV |
PTS: 1 DIF: 3 REF: 357-365

NAT: NBEA IV | NBEA IVB | NBEA IVC | NBEA IVC3a | NBEA IVC3b | NBEA IVC3c | NBEA IVC3d


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