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BUL 3310 FSU Bailey Exam 4, Exam 4 BUL 3310, BUL Final JWW
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BUL 3310 FSU Bailey Exam 4, Exam 4 BUL 3310, BUL Final JWW
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Name: Score:276 Multiple choice questions
Term 1 of 276
T/F: Premiums paid by corporations for the health insurance it provides to employees are tax-
deductible expenses.
True
False
Term 2 of 276
Corporate bond holders
are entitled to be paid a specified rate of interest for a set period of time
Profits are taxed at the corporate level as income and again at the shareholder level as
dividends.
The right to draw yearly interest on his or her capital contribution
All of the above are advantaged of doing business in corporate form.
Term 3 of 276
The agreement among the partners that spells out how the firm's assets will be value and how the
interests of a retiring or deceased partner will be bought out is a(n)_________ agreement
the duty of good faith and fair dealing to all partners in the partnership
Stock certificate
Partnership at will
buy and sell
,Definition 4 of 276
The corporation
The business entity that consists in an association of two or more persons to carry on as co-
owners a business for profit is an__________.
A surety will remain liable when the creditor-principal agreement is modified if the surety
consents to the modification
In a successful derivative suit, any money awarded in the judgment will go to
Minority shareholders have the best chance of electing directors in a corporation that uses
the ____ method of voting.
Term 5 of 276
Which of the following would bring about the dissolution of the partnership?
All of the above would bring about the dissolution of a partnership
Any of the above
The owner of a proprietorship is personally liable for all the debts of the proprietorship.
are entitled to be paid a specified rate of interest for a set period of time
Term 6 of 276
DEF Corporation, which is incorporated in Maryland, is a ____ corporation in Maryland.
True
Preferred
False
Domestic
,Term 7 of 276
Rod and Todd have joint and several liability as sureties on a loan made to Rod's business by First
Bank. Under this agreement, Todd is a ____ .
Cumulative
C0-surety
Partnership
Derivative
Term 8 of 276
T/F: A limited partnership must have at least one general partner and one limited partner.
True
False
Term 9 of 276
Jim and Fred had been equal partners in J & F Industries for 20 years. Jim has died and Fred is now
in the process of winding up the partnership. Which of the following statements about the winding
up process is false?
File a copy of its Articles of Incorporation with the secretary of state
There is an extensive body of law based on court decisions governing LLC's.
Jim's estate is entitled to participate in the winding up process
General-----limited
, Term 10 of 276
Bob and Sue, who are both attorneys, agreed to share office space and other overhead expenses
in order to save money. They did not agree to form a partnership. They do not share profits or
losses and neither has a say in the management of the other's business. The sign outside their
door, and on their common letterhead, reads: "Bob Smith and Sue Jones, Attorneys at Law." Using
this stationary, Bob purchased office equipment from Smart Buy. Sue at no time used the
equipment and did not enter into the contract with Smart Buy. Bob did not pay for the equipment
and Smart Buy wants to hold Sue liable. Is Sue liable as a partner for this purchase?
Yes
No
Term 11 of 276
Which of the following abbreviations would NOT be used by a professional corporation as a
required part of its name?
False
True
LLC
Partners have limited liability for the debts of the partnership
Term 12 of 276
T/F: To create a Limited Liability Corporation, articles of organization must be filed with the state's
Secretary of State's office
True
False
Term 13 of 276
T/F: The party who signs the application for a corporate charter is the incorporator
True
False
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