23) Which of the following legal forms of organization is most expensive to organize? A) Sole proprietorships. B) Partnerships. C) Corporations. D) Limited partnership. 24) is an association of two or more persons who come together as co-owners for the purpose of operating a business for profit. A) Sole proprietorship. B) Partnership. C) Corporation. D) Limited partnership 25) The statement of cash flows provides a summary of the firm's A) cash flows from operating activities. B) cash inflows from financing activities. C) cash flows from investment activities. D) all of the above. 26) Which of the following documents represents a summary of the revenue and expenditure of firm for a specified period? a) Balance Sheet b) Statement of Cash Flows c) Income Statement d) Statement of Retained Earnings 27) The represents a summary statement of the firm's financial position at a given point in time. A) income statement B) balance sheet C) statement of cash flows D) statement of retained earning 28) The amount of eash that can actually be taken out of the business over a certain time interval can be considered as: a) Revenue b) Profit c) Cash Flow d) Tax expense 29) Which of the following options is not classified as current assets a) Cash \& Cash Equivalents b) Accounts Payable c) Accounts Receivable d) Inventory 30) Patents and copyrights are examples of a) Current Assets b) Current Liabilities c) Tangible Assets d) Intangible Assets 31) The annual rate of return is variously referred to as the A) discount rate. B) opportunity cost. C) cost of capital. D) all of the above. 32) is an annuity with an infinite life making continual annual payments. A) An amortized loan B) A principal C) A perpetuity D) An APR 33) The greater the interest rate and the longer the period of time, the.... a) higher the future value b) higher the present value c) lower the future value d) lower the future value