Multiple Choices Choose the best answer for each question 1. Kyle and Felix both enjoy sunshine, water, and surfboards. Thus, the two friends decided to create a business together renting surfboards, paddle boats, and inflatable devices in California. Will and Gabrielle will equally share in the decision making and in the profits or losses. Which type of business did they create if they both have full personal liability for the firm's debts? A. sole proprietorship. B. limited partnership. C. corporation. D. joint stock company. E. general partnership. 2. Which one of the following functions should be assigned to the treasurer rather than the controller? A. Data processing B, Cost accounting x C. Tax management D. Cash management E. Financial accounting 3. Which one of the following is a capital structure decision? A. Determining the optimal inventory levell B. Establishing the preferred debt-equity level C. Selecting new equipment to purchase D. Setting the terms of sale for credit sales E. Determining when suppliers should be paid