ACC212 Exam 1 Review
Authored by Macy Dobleske
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92 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Retailers and wholesalers are two types of merchandisers.
True
False
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A business must ensure that its enterprise fits into a single classification as a manufacturer, service provider, merchandiser, or lessor.
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A business is required to pay dividends to stockholders at least two times per year.
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A restaurant purchased a new oven for $45,000 by signing a five-year note payable to the seller. This transaction involves both investing and financing activities.
True
False
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Unlimited personal liability for business debts is the primary disadvantage of a sole proprietorship.
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Unlimited personal liability for business debts is a possible disadvantage of a partnership.
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A limited liability company (LLC) may allow owners to enjoy the limited liability of a corporation while benefiting from tax advantages that are similar to a sole proprietorship or partnership.
True
False
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