Exam (elaborations)
WSU MBA 5300 WSU MBA 5300 EXAM QUESTIONS AND ANSWERS (BASED OFF OF MINDTAP HW AND NOTES) LATEST UODATE 2024/2025
- Course
- Institution
QUESTIONS AND ANSWERS
[Show more]
Content preview
WSU MBA 5300 WSU MBA 5300EXAM QUESTIONS AND
ANSWERS (BASED OFF OF
MINDTAP HW AND
NOTES) LATEST UODATE
2024/2025
Businesses can be classified into the following forms: a proprietorship, a
partnership, a corpora9on, a limited liability company (LLC), and a limited
liability partnership (LLP).
Different forms of businesses have different characteris9cs. Which of the
following characteris9cs would apply to a corpora9on? Check all that apply.
Chartered by a state and is its own en9ty separate from its owners
Owners have limited liability
Has unlimited life
Easier to transfer ownership in the form of stock
Businesses can be classified into the following forms: a proprietorship, a
partnership, a corpora9on, a limited liability company (LLC), and a limited
liability partnership (LLP).
Different forms of businesses have different characteris9cs. Which of the
following characteris9cs would apply to a limited liability company and a
limited liability partnership? Check all that apply.
Have corporate ownership structure
Owners have limited liability and right to vote
Limited financial liability
Taxed as a partnership
, Ryan started a tutoring website. ANer a few months, a publishing company filed
a lawsuit against his company for copyright infringement. Ryan had to shut
down his business and lost all his personal assets in the process. What type of
business is this?
Proprietorship
Richard founded and operated a wedding planning agency, which specialized in
celebrity weddings. When he died, his business was dissolved because there
was no plan for control aNer his death.
Proprietorship
Purple consul9ng has 5 consultants in the firm. The company's annual revenue
is around 500k. Income is distributed among all consultants and each is
personally liable for claims if the company goes under. What type of business is
this?
Partnership
Brandon and his friend Shirley run a carpet cleaning business. They distribute
the profits propor9onately and file their individual taxes.
Partnership
Caesar, the CEO of a beverage company, is required to cer9fy the accuracy of
informa9on provided in the company's quarterly reports.
Corpora9on
Rock Inc. Is a mineral mining company. The CEO of Rock Inc. Recently died. The
news led to a short-term decline in the company's stock price, but it bounced
back aNer the company announced its quarterly earnings.
Corpora9on
Paradigm Media is a company run by a group of new media professionals. The
owners of the company do not have any personal liability and file taxes based
on individual income.
Limited liability partnership/corpora9on
Chris, Brandon, and Jose own an accoun9ng firm in San Francisco. All share in
the profits of the firm propor9onately and file taxes at an individual level.
According to their agreement, none of the owners will be held personally liable
for the accoun9ng firm's debt.
Limited liability partnership/corpora9on
A filing document, which includes rules made by the founders of a corpora9on
like the directors elec9on process, terms of the posi9ons, stockholder rules, &
procedures to amend the bylaws, etc. What is this document called?
Corporate Bylaws
Businesses in the form of corpora9ons offer their owners several advantages,
but the benefits come at a price. For instance, corpora9ons are required to
create a charter, set bylaws, and file mandatory reports with state and federal
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller EXEMPLARY1. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80461 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now