A line of credit is an agreement that allows a company to borrow a set amount of money for a period of one year or more O True o False QUESTION 2 An advantage of the corporate form of business organization is that corporations are free from double taxation O False True QUESTION 3 Burger Ban has been named as a plaintlf in a $5 illion lavsuit f filed by a customer over the addictive nature of the company's burgers. Burger Barn's attorneys have a O Settle with the customer ORecognize a $5 million liability on its balance sheet for the contingency of a future obligation from the suit is remote. What should Burger Bam do as a result of the information that is available? for $5 million to avoid harmful publicity Disclose the lawsuit in the notes to the financial statements Ignore the lawsuit in its financial statements QUESTION 4 Establishing a sole proprietorship generally requires the owner to get a charter from the state government