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In a sole proprietorship the owner ________

09/01/2021 Client: saad24vbs Deadline: 24 Hours

1. Which of the following is true about a sole proprietorship?


 Income from a sole proprietorship is distributed to the owner in the form of a dividend.


 A sole proprietorship is a company owned by two or more individuals.


 The income from a sole proprietorship is taxed on the owner's personal income tax return.


 The owner's liability is limited to the amounts invested in the business.




2. Corporations are ________.


 for-profit businesses only


 exempt from legal liability


 owned by shareholders


 manufacturers and not service organizations




3. Disadvantages of the corporate form of business organization include ________.


 separation of ownership and management


 limited liability for shareholders


 double taxation


 two or more of these




4. A manufacturing business ________.


 provides services to its customers


 buys goods for resale


 makes the products it sells


 will lend money to customers




5. Team Shirts, Inc. pays $5,000 cash for T-shirts from a supplier. This transaction ________.


 causes an increase in total assets


 is a financing activity


 is an investing activity


 is an operating activity




6. Revenues include ________.


 the amount received from borrowing


 the amount earned from providing goods to customers


 the amount earned from providing services to customers


 two or more of these




7. Team Shirts, Inc. pays $600 for insurance. This transaction ________.


 causes total liabilities to increase and retained earnings to decrease


 is an operating activity


 is an investing activity


 causes total assets to increase and total liabilities to increase




8. The statement of cash flows ________.


 shows the changes that took place in the amount of shareholders' equity during a period


 is a list of all the cash collected and cash paid during a period


 is a summary of all of the revenues minus all of the expenses for an accounting period


 describes the financial situation of a company at a specific point in time




9. Wok N Roll, Inc. shows $300,000 of assets and $60,000 of shareholders' equity on its balance sheet. Liabilities must equal ________.


 $360,000


 $240,000


 $300,000


 $60,000




10. Team Shirts, Inc. repays a $2,000 loan. This transaction ________.


 causes total liabilities to decrease


 causes total assets to increase


 causes total shareholders' equity to increase


 is an investing activity




11. On March 1, Team Shirts had a beginning balance in retained earnings of $1,200. During March, Team Shirts paid $200 in dividends and had net income of $2,000. The March 31 balance in retained earnings was ________.


 $3,400


 $3,200


 $1,200


 $3,000




12. Dividends are ________.


 the same as expenses


 owners' contributions to the firm


 a reduction in retained earnings


 another term for each partner's share of partnership income




13. Comparative balance sheets ________.


 include gross profit and operating income


 report revenues for both the current and previous years


 report financial ratios for the current year which are compared to the prior year's


 include balances of two consecutive years




14. Financial services companies ________.


 deal in services related to money


 lend money to consumers to pay for cars and houses


 sell insurance to their customers


 All of these are correct.




15. The owners of a corporation are called ________.


 partners


 shareholders


 stockholders


 two or more of these




16. Which of the following is true about a corporation?


 Each individual shareholder has individual legal responsibility for the corporation's actions.


 Managers of corporations can be held responsible for the actions of the corporation.


 Corporations are exempt from taxes; however, the shareholders are required to pay taxes on dividends received.


 Corporations must have a minimum of two or more shareholders.




17. The stock market is ________.


 where the IRS is located


 located in New York City


 the general term used to refer to all stock exchanges


 where businesses become incorporated




18. A business form in which the partners are not personally liable for the malpractice of any of the other partners is called a ________.


 partnership


 modified sole proprietorship


 limited liability partnership


 corporation




19. Dell Inc.'s distribution of earnings to owners is called dividends. Dell must be a ________.


 sole proprietorship


 corporation


 sole proprietorship or partnership


 partnership




20. For which organization are the personal assets of the owners at risk?


 partnership


 sole proprietorship and partnership


 corporation


 sole proprietorship


 

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