1-Identify the business entity that is formed by an agreement meeting statutory requirements, is managed by a board of directors, has liability limited to capital contribution, and is double taxed.

Group of answer choices

general partnership

limited liability company

corporation

limited partnership

2-General partnerships have unlimited liability whereby their partners are jointly and severally liable for partnership business debt.

Group of answer choices

True

False

3-What type of partnership has a general partner with unlimited liability and a limited partner whose liability is limited to the investment in the partnership?

Group of answer choices

limited partnership

all partnerships have this characteristic

limited liability partnership

limited liability company

4-A preemptive right is a shareholder's right to buy newly issued stock in the corporation before the shares are offered to the public.

Group of answer choices

True

False

5-Under the doctrine of ________, an employer is liable for the tortious conduct of its employees or agents while they are acting within the scope of their authority.

Group of answer choices

coming and going

frolic and detour

misappropriation

respondeat superior

6-Which of the following statements is true regarding partnerships?

Group of answer choices

A partnership is managed by directors.

A partnership is a separate legal entity.

A partnership is not a separate legal entity.

A partnership pays partnership tad

7-An advantage of a general partnership is that it is treated like which of the following for tax purposes so that income passes to the partners who pay ordinary income tax on the business income?

Group of answer choices

sanctioned tax entity

doubled-taxed entity

non-taxed entity

flow-through tax entity

8-Identify the business entity that is formed by verbal or written agreement, is partner managed, has unlimited liability, and has the partners taxed.

Group of answer choices

limited liability company

sole proprietorship

limited liability company

general partnership

9-Which of the following is a disadvantage of an S corporation?

Group of answer choices

An S corporation cannot have more than 100 shareholders.

Only United States citizens are allowed to be shareholders of an S corporation.

An S corporation is limited to two classes of stock.

An S corporation pays corporate taxes.

10-A principal relationship is one where one person has the duty to act primarily for the benefit of another person.

Group of answer choices

True

False