Small Business
D
A business structure which combines aspects of partnerships with the limited liability of a corporation. A. Partnership B. S Corporation C. C Corporation D. Limited Liability Company
C
A formal financial statement that reports earning activities for a specified time. A. Balance sheet B. Petty cash fund C. Income statement D. T account
C
A person owning a corporation's stock is called a A. Custodian B. Maker C. Stakeholder D. Director
C
Accounts which you are unable to collect are A. Accrued B. Fixed Assets C. Bad Debts D. Incurred Income
B
Planning and executing the development, pricing, promotion, and distribution of a firm's goods and services. A. Business plan B. Marketing C. Merchandising D. Sales Promotion
C
The quantity to be purchased which minimizes total costs is the A. Inventory turnover B. Age of inventory C. Economic order quantity (EOQ) D. Cash discount
B
What is a disadvantage of the Limited Liability Company form of business? A. Divided authority can lead to disharmony B. If improperly structured, can be taxed as a "C" corporation C. Separation of ownership and control D. Unlimited liability
B
When a business keeps merchandise for sale, it is called A. Fixed assets B. Inventory C. Capital D. Supplies
C
When a fixed asset is no longer of any value, the amount it will sell for is called A. Mark-up B. Margin C. Cost Scrap value D. Variable cost
D
Your casket supplier offers a quantity discount of 10% for a minimum of 5 caskets. If you purchase the following caskets at the same time, how much do you owe the supplier? wholesale costs = $450, $1500, $2500, $990, $3600 A. $9040 B. $904 C. $8040 D. $8136
A
A business formation that consists of two or more people that have combined their resources to carry on as co-owners of the lawful enterprise. A. Partnership B. LLC C. Proprietorship D. Corporation
C
A business organization that has a distinct existence separate and apart from the existence of its individual members. A. LLC B. Partnership C. Corporation D. Proprietorship
