4. Limited Liability. What is limited liability, and who benefits from it? (LO3) 5. Corporations. What do we mean when we say that corporate income is subject to double taxation? (LO3) 6. Real versus Financial Assets. Which of the following are real assets, and which are financial? (L02)

a. A share of stock.

b. A personal IOU.

c. A trademark.

d. A truck.

e. Undeveloped land.

f. The balance in the firm's checking account. g. An experienced and hardworking sales force. h. A bank loan agreement.