Exam (elaborations)

Test bank for management 3720x

Name: Test bank for management 3720x
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Test bank for management 3720x

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05 Key

1. (p.l114)l Thelcorporationlislthelmostlcommonlformloflbusinesslownership.
FALSE

AACSB:lReflectivelThinkingl
Blooms:lKnowledgelLearnin
glGoal:l05-1
LevelloflLearningl1:lKnowledgeloflkeyltermsl
Nickelsl-lChapterl05l#1
Topic:lBasiclFormsloflBusinesslOwnership

2. (p.l114)lThelthreelmajorlformsloflbusinesslownershiplinlthelU.S.larelsolelproprietorships,lpartnerships,landlcorp
orations.
TRUE

AACSB:lReflectivelThinkingl
Blooms:lKnowledgelLearnin
glGoal:l05-1
LevelloflLearningl1:lKnowledgeloflkeyltermsl
Nickelsl-lChapterl05l#2
Topic:lBasiclFormsloflBusinesslOwnership

3. (p.l114)l Fewlpeopleltodaylstartltheirlownlbusiness.
FALSE

AACSB:lReflectivelThinkingl
Blooms:lKnowledgelLearnin
glGoal:l05-1
LevelloflLearningl1:lKnowledgeloflkeyltermsl
Nickelsl-lChapterl05l#3
Topic:lBasiclFormsloflBusinesslOwnership

1

,4. (p.l115)lOncelalbusinesslislestablished,lit'slalmostlimpossibleltolchangelfromlonelformloflbusinesslownershipltolanoth
er.
FALSE

AACSB:lReflectivelThinkingl
Blooms:lKnowledgelLearnin
glGoal:l05-1
LevelloflLearningl1:lKnowledgeloflkeyltermsl
Nickelsl-lChapterl05l#4
Topic:lBasiclFormsloflBusinesslOwnership

5. (p.l114)lWhenltwolorlmorelpeoplellegallylagreeltolbecomelco-
ownersloflalbusiness,lthelformloflbusinesslislcalledlalpartnership.
TRUE

AACSB:lReflectivelThinkingl
Blooms:lKnowledgelLearnin
glGoal:l05-1
LevelloflLearningl1:lKnowledgeloflkeyltermsl
Nickelsl-lChapterl05l#5
Topic:lBasiclFormsloflBusinesslOwnership

6. (p.l114)l Allegallentitylwithlauthorityltolactlandlhavelliabilitylseparatelfromlitslownerslislcalledlalpartnership.
FALSE

AACSB:lReflectivelThinkingl
Blooms:lKnowledgelLearnin
glGoal:l05-1
LevelloflLearningl1:lKnowledgeloflkeyltermsl
Nickelsl-lChapterl05l#6
Topic:lBasiclFormsloflBusinesslOwnership

7. (p.l114)lCorporationslrepresentl20lpercentloflalllthelbusinesseslinlthelU.S.landlearnl81lpercentlofltheltotallU.S.lbusin
esslreceipts.
TRUE

AACSB:lReflectivelThinkingl
Blooms:lKnowledgelLearnin
glGoal:l05-1
LevelloflLearningl1:lKnowledgeloflkeyltermsl
Nickelsl-lChapterl05l#7
Topic:lBasiclFormsloflBusinesslOwnership

2

,8. (p.l114)lAlcomparisonloflthelthreelmajorlformsloflbusinesslownershiplshowslthatlsolelproprietorshipslarelusua
llylthelmostldifficultltypeloflbusinessltolestablish.
FALSE

AACSB:lReflectivelThinkingl
Blooms:lKnowledgelLearnin
glGoal:l05-1
LevelloflLearningl1:lKnowledgeloflkeyltermsl
Nickelsl-lChapterl05l#8
Topic:lBasiclFormsloflBusinesslOwnership

9. (p.l115)lThelfirstlsteplinlstartinglalsolelproprietorshiplisltolfillloutlalproprietorshiplcharterlapplicationlformlandlfilelitl
withlthelstatelgovernment.
FALSE

AACSB:lReflectivelThinkingl
Blooms:lKnowledgelLearnin
glGoal:l05-1
LevelloflLearningl1:lKnowledgeloflkeyltermsl
Nickelsl-lChapterl05l#9
Topic:lSolelProprietorship

10. (p.l115)l Itlislusuallyleasyltolstartlandlendlalsolelproprietorship.
TRUE

AACSB:lReflectivelThinkingl
Blooms:lKnowledgelLearnin
glGoal:l05-1
LevelloflLearningl1:lKnowledgeloflkeyltermsl
Nickelsl-lChapterl05l#10
Topic:lSolelProprietorship

11. (p.l115)l Thelprofitsloflalsolelproprietorshiplareltaxedlaslthelpersonallincomeloflthelowner.
TRUE

AACSB:lReflectivelThinkingl
Blooms:lKnowledgelLearnin
glGoal:l05-1
LevelloflLearningl1:lKnowledgeloflkeyltermsl
Nickelsl-lChapterl05l#11
Topic:lSolelProprietorship

3

, 12. (p.l115)lThelsolelproprietorshiplformloflownershipltendsltolbelattractiveltolpeoplelwholwantltolinvestlinlalcomp
anylwithoutltakinglanlactivelrolelinlmanagement.
FALSE

AACSB:lReflectivelThinkingl
Blooms:lKnowledgelLearnin
glGoal:l05-1
LevelloflLearningl1:lKnowledgeloflkeyltermsl
Nickelsl-lChapterl05l#12
Topic:lSolelProprietorship

13. (p.l115)lAlmajorladvantageloflsolelproprietorshipslislthatlanlownerlhasllimitedlliabilitylforltheldebtsloflhislorlherlbu
siness.
FALSE

AACSB:lReflectivelThinkingl
Blooms:lKnowledgelLearnin
glGoal:l05-1
LevelloflLearningl1:lKnowledgeloflkeyltermsl
Nickelsl-lChapterl05l#13
Topic:lSolelProprietorship

14. (p.l115)lOneloflthelstrengthsloflthelsolelproprietorshiplislitslabilityltolsustainlrapidlgrowthlbylraisingllargelamou
ntsloflfinanciallresources.
FALSE

AACSB:lReflectivelThinkingl
Blooms:lKnowledgelLearnin
glGoal:l05-1
LevelloflLearningl1:lKnowledgeloflkeyltermsl
Nickelsl-lChapterl05l#14
Topic:lSolelProprietorship

15. (p.l116)lTheldebtsloflalbusinessloperatedlaslalsolelproprietorshiplarelconsideredltolbelthelpersonalldebtsloflthelowner
loflthelbusiness.

TRUE

AACSB:lReflectivelThinkingl
Blooms:lKnowledgelLearnin
glGoal:l05-1
LevelloflLearningl1:lKnowledgeloflkeyltermsl
Nickelsl-lChapterl05l#15
Topic:lSolelProprietorship

4

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