5. Moe, Larry and Curly are partners in Stooge Comics, a general partnership. The business fails. After Stooge Comics sells all its assets and uses the money to pay its creditors, the creditors are still owed $100,000. Which of the following statements best describes the situation? a. Moe, Larry and Curly are not personally liable for the debt. b. Each Moe, Larry and Curly could be personally liable for the entire $100,000. c. Each Moe, Larry and Curly are personally liable for only one-third of the $100,000. d. Moe, Larry and Curly are not personally liable for the debt unless they personally guaranteed the debt.

6.. The United States Supreme Court case that considered the question of whether a business can refuse to create a product that expresses a view that is contrary to the religious principles of the business' owner is:

a. Burwell v. Hobby Lobby. b. Citizens United v. Federal Election Commission. c. Masterpiece Cakeshop v. Colorado Civil Rights Commission.

7. The United States Supreme Court case that considered the question of whether a corporation can refuse to provide its employees with health insurance for procedures that are contrary to the religious principles of the corporation's owners is: a. Burwell v. Hobby Lobby. b. Citizens United v. Federal Election Commission. c. Masterpiece Cakeshop v. Colorado Civil Rights Commission.

8. Which of the following describes the key reason(s) large corporations tend to incorporate or reincorporate in Delaware? a. Tax advantages. b. A concentration of local residents who are highly skilled in business management. c. Flexible statute, well-developed case law, and a responsive state legislature.

9. Which of the following statements is most accurate? a. The owner(s) of a limited liability company is referred to as a member---not a shareholder. b. Limited liability companies are offer more flexible alternatives for structuring ownership and management than corporations. c. Both of the above statements are true.