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Category > Literature Posted 10 Nov 2020 My Price 8.00

ETH 321 Week 2 Practice Assignment

ETH 321 Week 2 Practice Assignment

 
Bookmark question for later

What is the definition of a foreign corporation?

·        A business formed within a state

·        A business that passes profits directly to shareholders

·        A business formed outside the U.S.

·        A business formed in a different state
 

  Bookmark question for later

What is the definition of a Subchapter S corporation?

·        A business formed within a state

·        A business that passes profits directly to shareholders

·        A business formed in a different state

·        A business formed outside the U.S.
 

  Bookmark question for later

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?

 

·        Avoiding full liability

·        Large amount of capital

·        Sharing profits

·        Sharing management responsibility
 

  Bookmark question for later

What is a public corporation?

·        A business formed by the government

·        A business formed to assist experts in a particular business field

·        A business with a large number of shareholders

·        A business with a small number of shareholders
 

  Bookmark question for later

What is a closely-held corporation?

·        A business with a small number of shareholders

·        A business with a large number of shareholders

·        A business formed to assist experts in a particular business field

·        A business formed by the government
 

  Bookmark question for later

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 reach a large customer base

·        Wants to start the business fast

·        Small amount of capital
 

  Bookmark question for later

Which of the following is false concerning LLCs?

·        LLC owners are called members.

·        LLCs are governed by state statute.

·        LLCs can be taxed as corporations.

·        LLCs are formed in much the same way as a general partnership.
 

  Bookmark question for later

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?

 

·        Sole proprietorship

·        LLC

·        General partnership

·        Corporation
 

  Bookmark question for later

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?

·        Limited partner in a limited partnership

·        General partner in a general partnership

·        More than one possible option

·        General partner in a limited partnership
 

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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?

 

·        Executive

·        Shareholder

·        Director

·        Executive and shareholder
 

  Bookmark question for later

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 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 is free to make contracts separate from his business with Josh.

·        Leo has usurped the concept of joint ownership of the business.
 

  Bookmark question for later

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
 

  Bookmark question for later

What type of franchise would a car dealership typically belong to?

·        Distributorship

·        Chain-style franchise

·        Plant-processing franchise
 

  Bookmark question for later

Which of the following is true concerning bonds?

·        As a company’s credit increases, the interest on its bonds tend to decrease.

·        A bond is an equity interest.

·        Bonds are considered assets.

·        A bond’s collateral is always based on physical assets.
 

  Bookmark question for later

The primary purpose for a company’s issuance of stocks is:

·        To raise capital

·        To increase a firm’s leverage

·        To increase shareholders’ income

·        To clarify ownership levels for shareholders
 

  Bookmark question for later

The board of directors for Glenncorp makes an investment in distribution services that ultimately result in a net loss for the company and its shareholders. Shareholders in the company may:

·        Sign a petition to fire the board of directors

·        Sue the board of directors.

·        Do nothing, as the board is protected by the business judgment rule

·        Demand compensation for their losses in proportion to their number of shares
 

  Bookmark question for later

Hector is opening a sole proprietorship. Which of the following would not be included in a list of possible steps Hector would take in setting up his business?

 

·        Publish his fictitious business name

·        Obtain a local business license

·        File a d/b/a statement

·        Obtain federal government approval
 

  Bookmark question for later

Reed works for Marimart. He assembles components for consumer products. He also conducts training for new hires at Marimart. Reed additionally purchases stock in the company? What is Reed's position in the company?

·        Shareholder

·        Executive

·        More than one option

·        Director
 

  Bookmark question for later

Papapop makes a franchise agreement with a bottling factory to sell its product to the company for bottling and subsequent sale. Over the next several years, Papapop steadily demands a higher percentage of the bottler’s profit from sales. Which of the following is true?

·        Papapop may demand a higher percentage without restriction.

·        None of the above

·        Papapop is restricted from demanding a higher profit percentage if such increases are arbitrary.

·        Papapop is restricted from demanding a higher profit percentage.
 

  Bookmark question for later

Chloe is a non-executive supervisor at her company. She directs other employees but has no control of financial information or decision-making responsibilities. She would be responsible for contributing to which of the following areas?

·        Maintaining a strong board of directors

·        Promoting integrity and ethical behavior

·        Disclosure and transparency

·        Safeguarding the rights and interests of shareholders
 

  Bookmark question for later

Which of the following is not a basic requirement of good corporate citizenship?

·        Strong and vigilant board of directors

·        Provision of benefits to employees

·        Disclosure

·        Ethical environment
 

  Bookmark question for later

Under the notion of effective corporate governance, which of the following is not an example of an internal control?

·        Performance reviews for managers

·        Reporting to shareholders

·        Employee satisfaction surveys

·        Accounting disclosure requirements
 

 

 

Answers

SmartExpert
(118)
Status NEW Posted 10 Nov 2020 05:11 PM My Price 8.00

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file 1605030801-ETH 321 Week 2 Practice Assignment.docx preview (3930 words )
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