USA Business Entities

USA Business EntitiesAccounting Play 12022-11-07T16:29:01+00:00

1Information

2Question 1-10

Name*
First Last
Email*
Want accounting tips and free accounting cheatsheet?
- Subscribe to our newsletter
Click next button to start the quiz

1. Which of the following can be entities?
- Business
- Government
- Individual
- All of the above
2. Who may still be personally responsible for corporate actions?
- Investor owners
- Chief financial officers
- Chief executive officers
- All of the above
3. Business may start as a sole proprietorship and later change entity:
- True
- False
4. Owner use of sole proprietorship funds is referred to as a:
- Draw
- Wage
- Withdrawal
- All of the above
5. Owners report flow-through activity on a tax return as an individual or other business entity:
- True
- False
6. Which of the following is not an advantage to the corporate structure?
- Double taxation
- Liability protection
- Continuity of ownership
- Allows for outside investment
7. What are some possible disadvantages of the S-corporation structure?
- Share types
- Ownership nationality
- Division of profits
- All of the above
8. What entity is generally used to facilitate outside investment?
- Corporation
- Sole proprietorship
- General partnership
- Trust
9. What entity does LLC stand for?
- Lifetime Learning Credit
- Lend Lease Corporation
- Limited Liability Company
- Limited Liability Corporation
10. A sole proprietorship may be owned by more than one person:
- True
- False
CAPTCHA

Δ