Quiz 1 for FAR part 1

It is an art of recording, classifying and summarizing in a significant manner, and in terms of money, transactions and events which are, in part at least, of a financial character, and interpreting the results thereof.

• Accountancy

• Accounting

• Accountant

• Account

A type of business that sells people's time including their skills and knowledge.

• Service Provider

• Merchandiser

• Manufacturing

• Financial

Buying and selling products without applying further process.

• Service Provider

• Merchandiser

• Manufacturing

• Raw Materials

Purchasing raw materials and converting it into finished products and selling them later on.

• Service Provider

• Merchandising

• Manufacturing

• Raw Materials

Which of the following is NOT a characteristic of a Sole proprietorship?

• owned by a single owner

• the owner absorbs all the losses of the business

• the owner receives all profits of the business

• the owner is not liable to creditor up to his personal properties

Which of the following describes a partnership?

• owners are not liable to creditors up to their personal properties

• all owners have the right to manage the partnership

• owned by 2 or more stockholders

• ALL OF THE ABOVE

Which of the following is CORRECT about a partnership?

• A partnership can be formed for purposes other than profit making.

• Partners can either contribute or not to a partnership

• Partnership is taxable like corporation

• ALL OF THE ABOVE

Which of the following is INCORRECT?

• All Limited Partner is a Capitalist Partner

• All Industrialist Partner is a General Partner

• Not all Capitalist Partner is a General Partner

• NONE OF THE ABOVE

Which of the following is NOT a characteristics of a Corporation?

• owned only by 2 to 15 stockholders

• Taxable as Partnership

• Has more capital than Partnership

• NONE OF THE ABOVE

An enterprise whose asset is P3M or less and employs not more than 9 workers

• Micro Enterprises

• Small Enterprises

• Medium Enterprises

• NONE OF THE ABOVE