1. Name the four main business structures/forms

• • Which of these is not recognized by the federal government as a legal structure
  • Which of these is most common and flexible today - give very brief explanation why

2. Name the four major financial statements and give a very brief description of each

3. What is retained earnings?

4. What factors determine whether a purchase is a fixed asset or an expense?

5. Name the two basis of accounting

• Which of these is GAAP?

6. Which financial statement is considered the most important and why?

7. How do we determine if a liability or asset is considered current?

8. When I purchase stock, what are the two components/computed values of the purchase?

9. What is the tax issue involving dividends?