1. A corporation:

a. does not have a size limitation

b. is one of the easy types of businesses to form

c. cannot sue or be sued

d. ends when the owner of the corporation charter dies

e. does not have a life separate from its owners

2. Which of the following statements about Limited Liability Companies (LLCs) is true?

a. All of the above statements about LLCs are true

b. LLCs are not corporations

c. LLCs offer their owners the option of being taxed as either a partnership or corporation

d. LLCs are like S corporations in that they appeal to small businesses

e. LLCs are legal in all states in the U.S.

3. All of the following terms are associated with international trade EXCEPT:

a. comparative advantage

b. balance of trade

c. absolute advantage

d. discount rate

e. balance of payments