Business Law Saunders Belmont Final Exam Prep Test
Bank Newest Actual Exam With Complete Questions
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ERISA (duties of employers with pension funds): - answer -;passed to protect workers covered by private
pension plans
Equal Pay Act of 1963 - answer -;must receive equal pay for comparable work by the opposite sex.
Title VII of the Civil Rights Act of - answer -;prohibits employers from discriminating on the basis of race,
color, religion, sex or national origin.
quid pro quo - answer -;something given in exchange or return for something else
Affirmative Action / Reverse Discrimination - answer -;hiring minorities to promote diversity, not
required
Personal liability of the owners in a sole proprietorship - answer -;The business is not a separate entity,
and therefore the individual is liable for all of the debts and obligations of the "business".
income taxation for sole proprietorship - answer -;There is no separate entity to tax. Income and losses
are taxed to the individual proprietor.
management of sole proprietorship - answer -;Managed solely by the individual proprietor.
, ownership of sole proprietorship - answer -;An individual who operates their own business, often
through the use of a trade name (i.e., Tony Saunders d/b/a Tony's Pizza). The sole proprietor manages
the business, keeps the profits and bears the losses of the business.
Sole Proprietorship ability to transfer ownership - answer -;Ceases to exist when the individual dies or
goes out of business.
general partnership personal liability of owners - answer -;Generally, each partner is jointly and
severally liable for the debts of the partnership.
general partnership income taxation - answer -;All income passes through to the individual partners and
is taxed to them based on how the income is apportioned by the partnership. The partnership itself is
not taxed.
management of a general partnership - answer -;Managed by all of the general partners.
ownership of a general partnership - answer -;owned by general partners
general partnership's ability to transfer ownership - answer -;As a general rule, it ceases to exist when
any partner dies or withdraws, although this may be modified by a partnership agreement
corporation personal liability of owners - answer -;Generally, the shareholders, officers and directors are
not liable for the business debts of the corporation.
corporation income taxation - answer -;Income is taxed to the corporation at corporate rates (a
corporation). Dividends passed down to shareholders are then taxed to them personally (double
taxation). If it qualifies, a corporation may opt to be taxed under subchapter S of the IRC, which causes
income to pass through the corporation, and be taxed in the hands of the individual shareholders (much
like with a general partnership).
Management of Corporation - answer -;board of directors
Bank Newest Actual Exam With Complete Questions
And Correct Detailed Answers (Verified Answers)
|Already Graded A+
ERISA (duties of employers with pension funds): - answer -;passed to protect workers covered by private
pension plans
Equal Pay Act of 1963 - answer -;must receive equal pay for comparable work by the opposite sex.
Title VII of the Civil Rights Act of - answer -;prohibits employers from discriminating on the basis of race,
color, religion, sex or national origin.
quid pro quo - answer -;something given in exchange or return for something else
Affirmative Action / Reverse Discrimination - answer -;hiring minorities to promote diversity, not
required
Personal liability of the owners in a sole proprietorship - answer -;The business is not a separate entity,
and therefore the individual is liable for all of the debts and obligations of the "business".
income taxation for sole proprietorship - answer -;There is no separate entity to tax. Income and losses
are taxed to the individual proprietor.
management of sole proprietorship - answer -;Managed solely by the individual proprietor.
, ownership of sole proprietorship - answer -;An individual who operates their own business, often
through the use of a trade name (i.e., Tony Saunders d/b/a Tony's Pizza). The sole proprietor manages
the business, keeps the profits and bears the losses of the business.
Sole Proprietorship ability to transfer ownership - answer -;Ceases to exist when the individual dies or
goes out of business.
general partnership personal liability of owners - answer -;Generally, each partner is jointly and
severally liable for the debts of the partnership.
general partnership income taxation - answer -;All income passes through to the individual partners and
is taxed to them based on how the income is apportioned by the partnership. The partnership itself is
not taxed.
management of a general partnership - answer -;Managed by all of the general partners.
ownership of a general partnership - answer -;owned by general partners
general partnership's ability to transfer ownership - answer -;As a general rule, it ceases to exist when
any partner dies or withdraws, although this may be modified by a partnership agreement
corporation personal liability of owners - answer -;Generally, the shareholders, officers and directors are
not liable for the business debts of the corporation.
corporation income taxation - answer -;Income is taxed to the corporation at corporate rates (a
corporation). Dividends passed down to shareholders are then taxed to them personally (double
taxation). If it qualifies, a corporation may opt to be taxed under subchapter S of the IRC, which causes
income to pass through the corporation, and be taxed in the hands of the individual shareholders (much
like with a general partnership).
Management of Corporation - answer -;board of directors
