EXAM 3: LSB 3213 John Holden Oklahoma State; Questions and Answers
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Course
LSB 3213
Institution
LSB 3213
EXAM 3: LSB 3213 John Holden Oklahoma State; Questions
and Answers
All of the following are methods that a sole proprietorship can raise money except
A) Private loans.
B) Commercial loans.
C) Sell ownership in the business.
D) Line of credit Correct Answer-Sell ownership in the busine
EXAM 3: LSB 3213 John Holden Oklahoma State; Questions
and Answers
All of the following are methods that a sole proprietorship can raise money except
A) Private loans.
B) Commercial loans.
C) Sell ownership in the business.
D) Line of credit Correct Answer-Sell ownership in the business
Which of the following is true about a sole proprietorship?
A) It is subject to corporate income tax.
B) Sole proprietorships face double taxation.
C) The owner reports income and expenses on the owner's own tax return.
D) The owner must file a tax return on behalf of the business. Correct Answer-C) The
owner reports income and expenses on the owner's own tax return.
The person who is entitled to the profits of a business based on the percentage of
ownerships is
A) Executive
B) Manager
, EXAM 3: LSB 3213 John Holden Oklahoma State; Questions
and Answers
C) Board member
D) Principal Correct Answer-D) Principal
Reid Sterling owns a sole proprietorship called Dunkle Distributing. Dunkle Distributing
is a
A) Legal Name
B) Brand Name
C) Commercial Name
D) Trade Name Correct Answer-d. a trade name.
Which statement below is correct about a sole proprietorship?
A) It can have multiple owners.
B) It is created by filing bylaws.
C) It has low start-up costs and minimal filing.
D) It faces double taxation Correct Answer-C) It has low start-up costs and minimal filing
Gwendolyn Melvin wishes to start a children's sports store called, "Just Let 'Em Play!" as
, EXAM 3: LSB 3213 John Holden Oklahoma State; Questions
and Answers
a sole proprietor. What form must she file so that she can use another name than her own?
Josh is a sole proprietor of an ice cream shop. Regina, a customer, slips and fall on some
melted mint chocolate chip ice cream on the floor and breaks her leg. Regina files suit and
wins a
judgment of $50,000. Josh does not have any insurance and the total value of the assets of
the ice
cream shop is $10,000. Which statement below is correct?
A) Josh will not be required to pay anything because he does not have insurance.
B) Josh will have to pay $10,000 and then set up a payment plan to pay off the balance.
C) Josh will have to use his own personal assets to pay the remainder of the judgment.
D) Josh will only have to give Regina the money from the assets of the business,
$10,000. Correct Answer-C) Josh will have to use his own personal assets to pay the
remainder of the judgment.
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