CEM 100 Test 1 Questions with Correct
Answers
Statutory entity that combines the limited personal liability feature of a corporation and
the partnership feature of taxation at the owner level is termed a (an)
LLC
Concerning business ownership for construction contracting firms in the US
approximately ____ are individual proprietorships
75%
Some of Americas largest construction projects including the Hoover Dam in Southern
Nevada, built by Six companies, have been constructed by this business ownership from
where the assets and other resources of two or more construction firms are combined
for a specific project
Joint Venture
A business ownership form that has the principal advantages of limited liability of its
owners, perpetual life of the company, relative ease of raising capital, the easy and
workable provision of multiple ownership and the economic benefit that owners pay
taxes only on profits (dividends) actually received is the ____
Corporation
In the partnership method of business ownership, a partner that is liable for
partnership debts only up to the amount of their investments in the partnership would
be termed a ___
Limited partner
, The ____ is not an enduring form of business ownership. Rather the ___ is a temporary
form of ownership whereby two or more companies unite and pool their resources,
assets, and skills to perform a single construction project and then go their separate
ways again following completion
Joint Venture
In a partnership, ____ exist when one party, called the principal, authorizes another
who is called the ___ to act for the former in certain types of defined business or
commercial transactions
Agency, Agent
According to your textbook, in the settlement of the debts of a partnership, ___ enjoy a
position of first priority
Outside creditors
Concerning establishing a partnership, state laws regarding partnerships are not
entirely consistent, although most states have adopted the ___ more or less verbatim
Uniform Partnership Act
A stock palm that is a form of deferred compensation to those working fro the
corporation consisting of those working for the corporation investing in the stock of
their corporation, with these investments funded by tax-exempt contributions. This
stock plan termed a (an) ___ can be designed to accomplish different purposes,
including promoting a company growth by providing a new source of equity capital,
providing benefits for long term workers, allowing for the retirement of company
owners, accomplishing a change of company ownership, and retiring stock presently
owned by stockholders
Answers
Statutory entity that combines the limited personal liability feature of a corporation and
the partnership feature of taxation at the owner level is termed a (an)
LLC
Concerning business ownership for construction contracting firms in the US
approximately ____ are individual proprietorships
75%
Some of Americas largest construction projects including the Hoover Dam in Southern
Nevada, built by Six companies, have been constructed by this business ownership from
where the assets and other resources of two or more construction firms are combined
for a specific project
Joint Venture
A business ownership form that has the principal advantages of limited liability of its
owners, perpetual life of the company, relative ease of raising capital, the easy and
workable provision of multiple ownership and the economic benefit that owners pay
taxes only on profits (dividends) actually received is the ____
Corporation
In the partnership method of business ownership, a partner that is liable for
partnership debts only up to the amount of their investments in the partnership would
be termed a ___
Limited partner
, The ____ is not an enduring form of business ownership. Rather the ___ is a temporary
form of ownership whereby two or more companies unite and pool their resources,
assets, and skills to perform a single construction project and then go their separate
ways again following completion
Joint Venture
In a partnership, ____ exist when one party, called the principal, authorizes another
who is called the ___ to act for the former in certain types of defined business or
commercial transactions
Agency, Agent
According to your textbook, in the settlement of the debts of a partnership, ___ enjoy a
position of first priority
Outside creditors
Concerning establishing a partnership, state laws regarding partnerships are not
entirely consistent, although most states have adopted the ___ more or less verbatim
Uniform Partnership Act
A stock palm that is a form of deferred compensation to those working fro the
corporation consisting of those working for the corporation investing in the stock of
their corporation, with these investments funded by tax-exempt contributions. This
stock plan termed a (an) ___ can be designed to accomplish different purposes,
including promoting a company growth by providing a new source of equity capital,
providing benefits for long term workers, allowing for the retirement of company
owners, accomplishing a change of company ownership, and retiring stock presently
owned by stockholders
