1.The ownership structure of a business includes the following forms ________. (Points :...

Question

1.The ownership structure of a business includes the following forms ________. (Points : 2)

service, manufacturing, and financialindividual, group, and corporatesole proprietorship, partnership, and corporationxdebtors, creditors, and owners

2.Corporations are ________. (Points : 2)

for-profit businesses onlyexempt from legal liabilityowned by shareholdersmanufacturers and not service organizations

3.Which of the following is legally a separate entity from its owner(s)? (Points : 2)

partnershipsole proprietorshipcorporationTwo of these are correct.

4.The four types of business are ________. (Points : 2)

for profit, nonprofit, wholesale, and retailservice, wholesale, retail, and financialfinancial, manufacturing, service, and wholesaleservice, merchandising, manufacturing, and financial services

5.Sara contributes $5,000 of her own money to start her business, Team Shirts, Inc. From Team Shirts' perspective, it ________. (Points : 2)

is an operating activitygets ownership and gives up contributed capitalgets cash and gives up stockgets stock and gives up cash

6.Revenues include ________. (Points : 2)

the amount received from borrowingthe amount earned from providing goods to customersthe amount earned from providing services to customerstwo or more of these

7.A balance sheet ________. (Points : 2)

describes the financial situation of a company at a specific point in time
is a list of all the cash collected and cash paid during a period
shows the changes that took place in the amount of shareholders' equity during a period
is a summary of all of the revenues minus all of the expenses for an accounting period

8.The statement of changes in shareholders' equity ________. (Points : 2)

describes the financial situation of a company at a specific point in time
is a list of all the cash collected and cash paid during a period
shows the changes that took place in the amount of shareholders' equity during a period
is a summary of all of the revenues minus all of the expenses for an accounting period

9.The four financial statements used to report a company's financial condition include ________. (Points : 2)

balance sheet, statement of earnings, statement of changes in shareholders' equity, and statement of budgets
income sheet, balance of earnings, statement of changes in shareholders' equity, and statement of cash flows
balance sheet, income statement, statement of changes in shareholders' equity, and statement of cash flows
changes in balance sheet, statement of flows, statement of changes in balances, and statement of cash flows

10.The Team Shirts' balance sheet has assets of $6,500 and liabilities of $4,000. Its shareholders' equity is ________. (Points : 2)

$2,500$10,500$6,500$4,000

11.On March 1, Team Shirts had a beginning balance in retained earnings of $1,200. During March, Team Shirts paid $200 in dividends and had net income of $2,000. The March 31 balance in retained earnings was ________. (Points : 2)

$3,400$3,200$1,200$3,000

12.Net income flows from ________. (Points : 2)

the statement of cash flows to the income statement
the income statement to the statement of changes in shareholders' equity
the balance sheet to the statement of cash flows
the income statement to the balance sheet

13.Which of the following increases retained earnings? (Points : 2)

issuance of stockrevenuesdividendspurchase of inventory

14.Financial services companies ________. (Points : 2)

deal in services related to moneylend money to consumers to pay for cars and housessell insurance to their customersAll of these are correct.

15.A business in the form of a sole proprietorship ________. (Points : 2)

files its own tax returnis separate and distinct from its owneris a separate legal entityis a company with a single owner

16.Stock sold for the first time is called ________. (Points : 2)

capitaltradedissueddividends

17.The stock market is ________. (Points : 2)

where the IRS is locatedlocated in New York Citythe general term used to refer to all stock exchangeswhere businesses become incorporated

18.A business form in which the partners are not personally liable for the malpractice of any of the other partners is called a ________. (Points : 2)

partnershipmodified sole proprietorshiplimited liability partnershipcorporation

19.Dell Inc.'s distribution of earnings to owners is called dividends. Dell must be a ________. (Points : 2)

sole proprietorshipcorporationsole proprietorship or partnershippartnership

20.For which organization is ownership represented by shares of stock? (Points : 2)

partnershipcorporationsole proprietorshipsole proprietorship and partnership

Robert · Accepted Answer

1) The ownership structure of a business includes the following forms sole proprietorship, 
partnership, and corporation 
2) Corporations are for shareholders 
3) Corporation is legally a separate entity from its owner(s) 
4) There are four types of business : profit, nonprofit, wholesale, and retail 
5) Sara gets ownership and gives up contributed capital 
6) Revenue includes :

1. The ownership structure of a business includes the following forms ________. (Points : 2) service, manufacturing, and financial individual, group, and corporate sole proprietorship, partnership,...

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