Sole Proprietorships / Partnerships / Limited Liability Organizations
Sole Proprietorships / Partnerships / Limited Liability Organizations
Corporations
Government Regulation of Business
Miscellaneous
100
receives all the income from a business but also bears all losses.
What is a sole proprietor? (page 448)
100
Disadvantage of a sole proprietorship
What is unlimited liability for debts of a business? (page 448-49)
100
The rules for managing the affairs of the corporation are called the
What is corporate bylaws? (page 468)
100
to maintain competition, to protect the rights of consumers, employees, and owners, and to protect the environment.
What is the purpose of government regulation? (page 482-83)
100
A(n) ____________ is a person who benefits from private information received from a corporate insider.
What is a tippee? (page 487)
200
One who is known to the public as a partner and who is active in the partnership is a
What is general partner? (page 450)
200
A partnership is considered to be a legal entity for the purpose of
What is ownership of property? (page 449)
200
For federal income tax purposes, a Chapter S corporation is treated as a
What is partnership? (page 466)
200
A government regulation, to be valid, must be
What is needed to promote a public interest and reasonable. (page 483)
200
A(n) __________ exists when a company deliberately and unlawfully eliminates its competition.
What is monopoly? (page 483-84)
300
death of a partner; agreement among partners or bankruptcy of a partnership….
What is "how a partnership is terminated"? (page 455)
300
When a new partner is admitted into an existing partnership, the new partner is
What is liable for prior debts up to the amount invested. (page 454-455)
300
A corporation comes into existence when the
What is state issues a charter? (page 467)
300
Business activity that a state has authority to regulate within its borders is called
What is intrastate commerce? (page 483)
300
______________ are government bodies created by Congress or a state legislature to act in the public interest.
What are administrative agencies? (page 490)
400
A limited partner has no right to
What is participate in management? (page 457)
400
The written agreement that creates a partnership and outlines the partners' rights, duties, and powers is
What is the partnership agreement? (page 450)
400
Day-to-day management is the responsibility of the
What is the officers? (page 472) --- i.e. CEO, COO, CFO, CIO, CLO etc….
400
The power to regulate commerce arises from the _____________ clause of the U.S. Constitution.
What is the commerce clause? (page 483)
500
Two or more companies joining together to work on a project constitute a
What is join venture? (page 460)
500
Termination of a partnership is called
What is a dissolution? (page 455)
500
Acts of a corporation that exceed its express or implied authority are called
What is ultra vires acts? (page 472)
500
The sale of securities is regulated by the
What is Securities and Exchange Commission? (page 486)
500
____________ is evidence of ownership in a corporation.
What is stock? (page 467)
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