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Multiple Choice Quiz
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1
Partnership agreements typically include all of the following, except:
A)Expectations for sharing profits and losses
B)Partner's salary requirements
C)Methods for conflict resolution
D)Shareholder's expectations for a successful business
2
What is a hybrid entity that has the legal protections of a corporation and the ability to be taxed (one time) as a partnership?
A)Limited partnership
B)Limited liability corporation
C)Limited proprietorship
D)Limited shareholder
3
What tracks and communicates changes in the shareholder's earnings?
A)Balance sheet
B)Statement of owner's equity
C)Statement of cash flows
D)Income statement
4
What is an asset?
A)A distribution of earnings to shareholders
B)Refers to the amount earned resulting from the delivery or manufacture of a product or from the rendering of a service
C)Refers to the costs incurred in operating and maintaining a business
D)Anything owned that has value or earning power
5
What is the point at which revenues equal costs?
A)Break-even point
B)Cash flow analysis
C)ROI
D)IRR





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