ENT 2113 - Exam 2 Study Guide Questions
With Correct Answers
Sole Proprietorship - CORRECT ANSWER✔✔-The simplest form of
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business organization characterized by the fact that the person who
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owns the business and the business itself are treated as the same entity.
| | | | | | | | | | | |
Partnership - CORRECT ANSWER✔✔-A category of business formation
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that includes both general and limited types.
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Draws - CORRECT ANSWER✔✔-Distributions of funds from the business.
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(They are usually in the form of a cash dispersion in advance of salary,
| | | | | | | | | | | | | | |
bonus, expected year-end distributions, and the like)
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General partner - CORRECT ANSWER✔✔-In an LLP, the individual
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considered the manager of the firm, who, as such, has unlimited liability
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for any debs or judgements against the firm.
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S Corporation - CORRECT ANSWER✔✔-An organizational form that
| | | | | | | |
treats the firm as an entity separate from the individuals. (This allows
| | | | | | | | | | | |
the owner(s) to treat the income as they would if the firm were a sole
| | | | | | | | | | | | | | |
proprietorship or a partnership. It has limitations in the number and| | | | | | | | | | |
type of shareholders)
| |
,C Corporation - CORRECT ANSWER✔✔-An organizational form that
| | | | | | | |
treats the firms as a unique entity responsible for its own taxes. (There
| | | | | | | | | | | | |
are no limitations to shareholder participation and the "owners" are
| | | | | | | | | |
protected beyond their equity investment)
| | | |
Contract - CORRECT ANSWER✔✔-An agreement between two or more
| | | | | | | | |
parties to perform certain activities for some consideration.
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Copyright - CORRECT ANSWER✔✔-Ownership of creative materials the
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copyright has generated such as books, magazines, advertising copy,
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music, artwork, or virtually any other creative product, whether
| | | | | | | | |
published or unpublished. | |
Trademark - CORRECT ANSWER✔✔-Claim of intellectual property that is
| | | | | | | |
associated with a specific business. (This may be the name of the firm, a
| | | | | | | | | | | | | |
symbol representing the firm, or its product)
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Patent - CORRECT ANSWER✔✔-A claim of intellectual property that
| | | | | | | | |
covers a specific innovation
| | |
Board of advisors - CORRECT ANSWER✔✔-Individuals outside the small
| | | | | | | | |
business that advise the firm; formed at the discretion of the founders
| | | | | | | | | | | |
(regardless of the legal form chosen) | | | | |
, Human resources - CORRECT ANSWER✔✔-Defined in economics as the
| | | | | | | | |
quantity and quality of human effort directed toward producing goods
| | | | | | | | | |
and services
|
Job description - CORRECT ANSWER✔✔-Description of the duties
| | | | | | | |
involved in a job that is to be filled
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Equity theory - CORRECT ANSWER✔✔-The theory that we all judge how
| | | | | | | | | |
we are treated relative to how we see others being treated
| | | | | | | | | | |
Hourly wage - CORRECT ANSWER✔✔-The amount paid per hour for
| | | | | | | | | |
work performed
|
Salary - CORRECT ANSWER✔✔-A set amount of compensation for a
| | | | | | | | | |
given time period
| |
Commission - CORRECT ANSWER✔✔-Some percentage of sales paid by
| | | | | | | | |
the small business owner and typically associated with the
| | | | | | | | |
compensation of sales representatives | | |
Hybrid compensation system - CORRECT ANSWER✔✔-A system
| | | | | | |
employed by a small business where there is a salary along with
| | | | | | | | | | | |
commission
With Correct Answers
Sole Proprietorship - CORRECT ANSWER✔✔-The simplest form of
| | | | | | | |
business organization characterized by the fact that the person who
| | | | | | | | | |
owns the business and the business itself are treated as the same entity.
| | | | | | | | | | | |
Partnership - CORRECT ANSWER✔✔-A category of business formation
| | | | | | | |
that includes both general and limited types.
| | | | | |
Draws - CORRECT ANSWER✔✔-Distributions of funds from the business.
| | | | | | | |
(They are usually in the form of a cash dispersion in advance of salary,
| | | | | | | | | | | | | | |
bonus, expected year-end distributions, and the like)
| | | | | |
General partner - CORRECT ANSWER✔✔-In an LLP, the individual
| | | | | | | | |
considered the manager of the firm, who, as such, has unlimited liability
| | | | | | | | | | |
for any debs or judgements against the firm.
| | | | | | | |
S Corporation - CORRECT ANSWER✔✔-An organizational form that
| | | | | | | |
treats the firm as an entity separate from the individuals. (This allows
| | | | | | | | | | | |
the owner(s) to treat the income as they would if the firm were a sole
| | | | | | | | | | | | | | |
proprietorship or a partnership. It has limitations in the number and| | | | | | | | | | |
type of shareholders)
| |
,C Corporation - CORRECT ANSWER✔✔-An organizational form that
| | | | | | | |
treats the firms as a unique entity responsible for its own taxes. (There
| | | | | | | | | | | | |
are no limitations to shareholder participation and the "owners" are
| | | | | | | | | |
protected beyond their equity investment)
| | | |
Contract - CORRECT ANSWER✔✔-An agreement between two or more
| | | | | | | | |
parties to perform certain activities for some consideration.
| | | | | | |
Copyright - CORRECT ANSWER✔✔-Ownership of creative materials the
| | | | | | | |
copyright has generated such as books, magazines, advertising copy,
| | | | | | | | |
music, artwork, or virtually any other creative product, whether
| | | | | | | | |
published or unpublished. | |
Trademark - CORRECT ANSWER✔✔-Claim of intellectual property that is
| | | | | | | |
associated with a specific business. (This may be the name of the firm, a
| | | | | | | | | | | | | |
symbol representing the firm, or its product)
| | | | | | |
Patent - CORRECT ANSWER✔✔-A claim of intellectual property that
| | | | | | | | |
covers a specific innovation
| | |
Board of advisors - CORRECT ANSWER✔✔-Individuals outside the small
| | | | | | | | |
business that advise the firm; formed at the discretion of the founders
| | | | | | | | | | | |
(regardless of the legal form chosen) | | | | |
, Human resources - CORRECT ANSWER✔✔-Defined in economics as the
| | | | | | | | |
quantity and quality of human effort directed toward producing goods
| | | | | | | | | |
and services
|
Job description - CORRECT ANSWER✔✔-Description of the duties
| | | | | | | |
involved in a job that is to be filled
| | | | | | | |
Equity theory - CORRECT ANSWER✔✔-The theory that we all judge how
| | | | | | | | | |
we are treated relative to how we see others being treated
| | | | | | | | | | |
Hourly wage - CORRECT ANSWER✔✔-The amount paid per hour for
| | | | | | | | | |
work performed
|
Salary - CORRECT ANSWER✔✔-A set amount of compensation for a
| | | | | | | | | |
given time period
| |
Commission - CORRECT ANSWER✔✔-Some percentage of sales paid by
| | | | | | | | |
the small business owner and typically associated with the
| | | | | | | | |
compensation of sales representatives | | |
Hybrid compensation system - CORRECT ANSWER✔✔-A system
| | | | | | |
employed by a small business where there is a salary along with
| | | | | | | | | | | |
commission
