Which form of business organization is established as a legal entity separate from its owners?

A.	Sole proprietorship
B.	Corporation
C.	Partnership
D.	None of these

The term "double taxation" refers to which of the following?

A.	A sole proprietorship must pay income taxes on its net income and the owner is also required to pay income taxes on withdrawals.
B.	In a partnership, both partners are required to claim their share of net income on their tax returns.
C.	Corporations must pay income taxes on their net income, and their stockholders must pay income taxes on their dividends.
D.	A sole proprietorship must pay income taxes to both the state government and the federal government.

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Which of the following is not considered an advantage of the corporate form of business organization?

A.	Ability to raise capital.
B.	Lack of government regulation.
C.	Ease of transferability of ownership.
D.	Continuity of existence.

Which of the following entities would have the "Paid-in Capital in Excess" account in the equity section of the balance sheet?

A.	A sole proprietorship.
B.	A municipality.
C.	A corporation.
D.	A partnership.

Which of the following entities would report income tax expense on its income statement?

A.	A corporation.
B.	A sole proprietorship.
C.	A partnership.
D.	All of the above.