1. Double taxation is one of the advantages of being a corporation rather than a sole proprietorship.

True or False

2. Who is first in line to get a dividend when a dividend is declared?

a. preferred stock

b. common stock

c. treasury stock

d. CEO

3. If a corporation reacquires its own stock, the stock is listed on the balance sheet in the

a. stockholder's equity section

b. long term liabilities section

c. current assets section

d. investments section