Business Chapter 10

To avoid disagreements on the division profits, partnerships should have

A partnership agreement

A corporation that does not offer its stock to the public for sale is called

Close corporation

2 types of stock

Common and preferred

Which of the following is not an advantage of a corporate form of ownership?

Double taxation

Which of the following is not a characteristic of entrepreneurs?

Entrepreneurs like to make sure others do most of the work

A stockholder has all of the following rights except

Fire managers who don't perform

Specialized forms of corporations include all of the following except

Joint Ventures

A corporation can have a special tax status by structuring as a

LLC, Subchapter S corp, nonprofit corp (the answer on the test will be all of the above)

If a corporation wants to enter into a new business, it

Must change its charter or file and new one

Which of the following is not a disadvantage of a partnership?

Partnerships may reduce competition

Alex wants to be the sole owner of a new landscaping business. The simplest ownership he could use would be a

Proprietorship

Ownership of a corporation is divided into parts called

Shares

Par Value

Stock value as noted in the company charter

Which of the following is not an advantage of a proprietorship?

The owner pays more taxes than corporations do

Stockholders basic right include the right to

Transfer ownership, Vote for members of the board, Receive dividends (All of the above on test)