Name iD 16. An entity that is organized according to state or federal statutes and in which ownership is divided into sh of stock is a a. proprictorship b. corporation c. partnership d. governmental unit 17. Which of the following group of companies are all examples of a merchandising business? Delta Airlines, Marriott, Gap Gap, Amazon, NIKE GameStop, Sony, Dell GameStop, Best Buy, Gap a. b. c. d. 18. Which of the following are guidelines for behaving ethically? I. Il. IIl. Identify the consequences of a decision and its effect on others. Consider your obligations and responsibilities to those affected by the decision. Identify your decision based on personal standards of honesty and fairness. a. I and Il b. II and I11. c. 1 and II d. 1, 11, and II1 The business entity concept means that 19. a. b. c. d. the owner is part of the business entity an entity is organized according to state or federal statutes an entity is organized according to the rules set by the FASB the entity is an individual economic unit for which data are recorded, analyzed, and reported 20. Debts owed by a business are referred to as a. accounts receivables b. equities c. owner's equity d. liabilities 21. The accounting equation may be expressed as a. Assets Equities - Liabilities b. Assets + Liabilities- Owner's Equity c. Assets- Revenues less Liabilities d. Assets-Liabilities-Owner's Equity 22. There are four transactions that affect Owner's equity. Which are the two transactions that increase Owner's equity? a. Revenues and expenses b. Expenses and owner's withdrawals c. Revenues and Owner's investments d. Owner's Investments and Expenses