2) If a corporation elects to be taxed as a(n) ________ corporation, it pays no federal income tax at the corporate level. As in a partnership, the corporation's income or loss flows to the shareholders' individual income tax returns.
a)s
b)t
c)w
d)y
a) s
100
The Pizza Hut Corporation is an example of this type of Franchise
What is a chain style franchise.
100
The Food, Drug and Cosmetic Act (FDCA) prohibits the shipment, distribution, or sale of this type of food.
What is Adulterated food.
100
This is a verification of a company’s books and records.
What is an audit.
100
This type of tenancy can be terminated at any time by either party.
What is tenacity at will
200
Corporations generate over eighty-five percent of the country's gross business receipts. (True or False) answer true
True
200
In the United States, franchising accounts for over twenty-five percent of retail sales and approximately fifteen percent of gross domestic product (true of false)
True
200
This type of deceptive advertising is illegal under Section 5 of the Federal Trade Commission Act
What is bait and switch advertising.
200
Enacted in 2002, this act imposes new rules that affect public accountants and is meant to improve financial reporting
What is Sarbanes-Oxley Act
200
This clause of the Constitution allows the government to take property for public use.
What is Due Casue
300
A separate legal entity that has been incorporated through a legislative or registration process established through legislation.
What is a Corporation
300
An arrangement in which two (2) or more business entities combine their resources to pursue a single project or transaction.
What is a joint venture.
300
Consumers can place their names on this Registry and free themselves from most unsolicited commercial telephone calls.
What is the No Call List!
300
A state law that provides that an accountant cannot be called as a witness against a client in a court action
What is the accountant client privileged
300
This is an order of the court which declares hat a marriage did not exist
What is an annulment
400
An arrangement whereby shareholders transfer their stock certificates to a trustee.
What is a voting trust.
400
This is another name for administrative laws.
What is regulatory statutes.
400
This is a type of merger between firms in unrelated businesses
What is a Conglomorate
400
The person who receives something from a Will.
What is a Beneficiary
400
This is a type of divorce recognized by the law of a state whereby neither party is blamed for the divorce.
What is no fault divorce
500
A process by which shareholders can delegate their vote through someone else of the same body.
What is by proxy
500
These type of laws established the procedures that must be followed by an administrative agency while enforcing substantive administrative laws
What is Procedural Laws
500
This type of merger is between between two companies in similar fields whose sales do not overlap.
What is a market extension.
500
This will be assumed if an 85-year-old woman leaves all her property to the lawyer who drafted her will and ignores her blood relatives, the court is likely to presume what?
What is Undue Influence.
500
This contract entered into prior to marriage that specifies how property will be distributed upon the termination of the marriage by divorce or annulment or the death of a spouse (you should have one!)