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BUL3310 Exam4/Final Exam 2024 Questions & Answers Graded A+
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BUL3310 Exam4/Final Exam 2024 Questions & Answers Graded A+
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Name: Score:339 Multiple choice questions
Term 1 of 339
Bill is a limited partner in K&L Limited Partnership. Which of the following statements about his
partnership interests is false?
Bill made a capital contribution to K&L
Bill has a right to make management decisions for K&L.
Bill has a right to share in K&L profits.
Bill must share in K&L losses up to his capital contribution.
Term 2 of 339
Unless agreed to otherwise, all partners have an equal vote in the management decisions of the
partnerships.
True
False
Term 3 of 339
Investors favor using Limited Partnerships to invest in commercial real estate because they can
use the depreciation of the property as a tax loss.
True
False
Term 4 of 339
One recognized advantage to a general partnership is that it allows partners to share in
management and profits of the partnership.
True
False
,Term 5 of 339
The capital contribution of each partner is a liability to the partnership and must be returned to
the partner when the partnership ends.
True
False
Term 6 of 339
Usury laws do not apply to corporations when they borrow money.
True
False
Term 7 of 339
Any money recovered in a successful derivative suit belongs to the shareholder who initiated the
suit.
True
False
Term 8 of 339
Subchapter S corporation will avoid double taxation only if which of the following applies?
(select all the correct answers)
The corporations bylaws require all the revenue to be distributed to the shareholders at the
end of each tax year.
The corporation files Articles of Partnership in the state where it has its principal place of
business.
The corporation has no retained earnings.
All the shareholders agree to be taxed as in a partnership.
,Term 9 of 339
A ________ is a party who limits his or her promise to a single transaction or to a single creditor.
General guarantor.
Creditor.
Obligee.
Special guarantor.
Term 10 of 339
A director would incur personal liability if (select all the correct answers)
The shares of the corporation lost more than 20 of their market value.
The corporation goes bankrupt
The board declared an illegal dividend
The corporation failed to withhold taxes from the wages of employees
The name can never be changed once it is registered with the state.
The board declared an illegal dividend
The corporation failed to withhold taxes from the wages of employees
The corporation was formed with the intent of defrauding another party or violating a
statute.
The right to draw yearly interest on his or her capital contribution
Term 11 of 339
Bonding companies are usually uncompensated sureties.
True
False
, Term 12 of 339
Which of the following would bring about the dissolution of the partnership? (select all the
correct answers)
One of the partners dies.
The partnership files for bankruptcy.
All of the partners agree to end the partnership
The time the partnership is to last, as stated in the partnership agreement, has expired
The right to draw yearly interest on his or her capital contribution
Outside-creditors, partner-creditors, capital contributions, undistributed profits.
One of the partners dies.
All of the partners agree to end the partnership.
The time the partnership is to last, as stated in the partnership agreement, has expired.
Bonds pay a stated rate of interest.
Bond holders are creditors of the corporation
Term 13 of 339
Which of the following statements about treasury stock is false?
Treasury stock can be resold only at par value.
Most states require that corporations purchase treasury shares only with accumulated
profits or surpluses.
Creditors of the corporation or the state itself may block the purchase of treasury stock.
It is stock that the corporation acquired by gift or by purchasing from shareholders.
Term 14 of 339
Absent a contrary provision in the partnership agreement, all partners have equal rights in the
management of the business.
True
False
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