Fall 2024 Entrepreneurship Final Exam Review- Mrs. Rose

Front

What is it called when a group of people form a business or organization and have rights and liabilities separate from the individuals involved? Options: Competition, Corporation, S Corporation, Promotion

Back

Corporation

Front

What is the most widely used form of business in the world that is treated as a separate legal entity from its shareholders, capable of suing or being sued, holding assets in its own name, signing contracts, and making by-laws?

Back

C Corporation or General Corporation

Front

any person, company or other institution which owns at least one share in a company (also known as a stockholder)

Back

Shareholder

Front

item of ownership having an exchange value

Back

Asset

Front

money or debt owed

Back

Liability

Front

What is it called when a corporation pays federal corporate income tax on profit and stockholders pay taxes on dividends?

Back

Double Taxation

Front

What type of corporation has elected a special tax status with the IRS after formation, most appropriate for small business owners and entrepreneurs who prefer to be taxed as if they were still sole proprietors or partners? Options: S Corporation, Corporation, Competition, Promotion

Back

S Corporation

Front

made up of social security taxes and Medicare taxes

Back

FICA Taxes

Front

What provides benefits for certain retired, disabled or deceased workers and their families? Options: Sales Promotion, Medicare Tax, Social Security Tax, Formal Structures

Back

Social Security Tax

Front

pays for the medical expenses of most people over the age of 65

Back

Medicare Tax