FMS Practice Questions with Verified Correct
Answers
What does EBITA stand for?
Earnings before income, tax, depreciation, and amortization
What are the three resources on the resource traingle?
Time, money, and skill
CPA
An individual who has passed the certified accounting exam received state certification to
practice accounting.
Lender
A private, public or institutional entity which makes funds available to others to borrow
Banker
an officer or owner of a bank or group of banks.
Insurance
a promise of compensation for specific potential future losses in exchange for a periodic
payment.
HR Resource
A person who deals with the staff in a company, especially interviewing canidates for new
posts.
Technology
, Tech support refers to a plethora of services by which enterprises provide assistance to users
of tech
Maintance
A skilled worker or service that repairs equipment or provides regular maintenance.
Attorney
A person appointed to act dor another in business or legal matters.
Advantages of sole proprietorships:
1. Ease of administration
2. No double-taxation
Disadvantages of sole proprietorships:
1. Unlimited liability
2. Lost tax-savings opportunity
Advantages of partnerships:
1. Multiple ownership
2. No double-taxation
Disadvantages of partnerships:
1. Unlimited liability
2. No continuity of life
Advantages of S-Corp:
1. Limited liability
2. Transferable ownership
Answers
What does EBITA stand for?
Earnings before income, tax, depreciation, and amortization
What are the three resources on the resource traingle?
Time, money, and skill
CPA
An individual who has passed the certified accounting exam received state certification to
practice accounting.
Lender
A private, public or institutional entity which makes funds available to others to borrow
Banker
an officer or owner of a bank or group of banks.
Insurance
a promise of compensation for specific potential future losses in exchange for a periodic
payment.
HR Resource
A person who deals with the staff in a company, especially interviewing canidates for new
posts.
Technology
, Tech support refers to a plethora of services by which enterprises provide assistance to users
of tech
Maintance
A skilled worker or service that repairs equipment or provides regular maintenance.
Attorney
A person appointed to act dor another in business or legal matters.
Advantages of sole proprietorships:
1. Ease of administration
2. No double-taxation
Disadvantages of sole proprietorships:
1. Unlimited liability
2. Lost tax-savings opportunity
Advantages of partnerships:
1. Multiple ownership
2. No double-taxation
Disadvantages of partnerships:
1. Unlimited liability
2. No continuity of life
Advantages of S-Corp:
1. Limited liability
2. Transferable ownership
