FISCAL LAW EXAM 2 FINAL STUDY
SHEET QUESTIONS WITH COMPLETE
ANSWERS GRADED A
◉ unlimited. Answer: Jody owns KuppaJava Kiosks, a sole
proprietorship. Jodys liability is
◉ a "pass-through" entity. Answer: Hollister and Gladys do business
as partners in Forthy Confections. For federal income tax purposes,
Frothy Confections would be treated as
◉ to the extent of her investment in the firm. Answer: Jordana is a
member of Klondike Coffee, LLC, a limited liability company. Jordana
is liable for Klondike's debts
◉ to the extent of her capital contribution. Answer: Lucy is a limited
partner in Metro Contractors, a limited partnership, which cannot
pay its debts. Lucy is personally liable for the debts:
◉ A close corporation. Answer: Wiley incorporates his business as
Wiley Wire Corporation in Texas to profit from sales of fencing wire.
Wiley and the members of his family constitute the shareholders.
Wiley Wite Corpration is
, ◉ allows minority shareholders to be represented on the board.
Answer: Thor Power Corporation permits it's directors to be elected
by cumulative voting. This:
◉ pay damages Answer: InTown Delivery Service promises to
deliver a certain couch to Kurt, who promises to pay for the service.
If InTown does not perform, the firm may be required to pay
◉ ensure proof of the contracts' existence Answer: On behalf of the
rock group Uno, their manager Thalia agrees to a performance in
Seaside Ampitheatre on July 4. Rex, acting for Seaside Productions,
sends a written copy of the agreement to Thalia to be signed.
Typically, businesspersons put their contracts in writing to
◉ voidable Answer: Employment Sources Inc enters into a contract
with Fred. If Fred is a minor, this contract is most likely
◉ void. Answer: Greco promises to buy illegal copies of CDs and
DVDs from Fava, who promises to deliver on April 15. These
promises are most likely
◉ only Corporate Investments or Transport Storage Answer:
Business Properties Inc offers to sell a warehouse to Corporate
Investments. Transport Store Company is aware of the offer and is
interested in buying the warehouse. This offer can be accepted by
SHEET QUESTIONS WITH COMPLETE
ANSWERS GRADED A
◉ unlimited. Answer: Jody owns KuppaJava Kiosks, a sole
proprietorship. Jodys liability is
◉ a "pass-through" entity. Answer: Hollister and Gladys do business
as partners in Forthy Confections. For federal income tax purposes,
Frothy Confections would be treated as
◉ to the extent of her investment in the firm. Answer: Jordana is a
member of Klondike Coffee, LLC, a limited liability company. Jordana
is liable for Klondike's debts
◉ to the extent of her capital contribution. Answer: Lucy is a limited
partner in Metro Contractors, a limited partnership, which cannot
pay its debts. Lucy is personally liable for the debts:
◉ A close corporation. Answer: Wiley incorporates his business as
Wiley Wire Corporation in Texas to profit from sales of fencing wire.
Wiley and the members of his family constitute the shareholders.
Wiley Wite Corpration is
, ◉ allows minority shareholders to be represented on the board.
Answer: Thor Power Corporation permits it's directors to be elected
by cumulative voting. This:
◉ pay damages Answer: InTown Delivery Service promises to
deliver a certain couch to Kurt, who promises to pay for the service.
If InTown does not perform, the firm may be required to pay
◉ ensure proof of the contracts' existence Answer: On behalf of the
rock group Uno, their manager Thalia agrees to a performance in
Seaside Ampitheatre on July 4. Rex, acting for Seaside Productions,
sends a written copy of the agreement to Thalia to be signed.
Typically, businesspersons put their contracts in writing to
◉ voidable Answer: Employment Sources Inc enters into a contract
with Fred. If Fred is a minor, this contract is most likely
◉ void. Answer: Greco promises to buy illegal copies of CDs and
DVDs from Fava, who promises to deliver on April 15. These
promises are most likely
◉ only Corporate Investments or Transport Storage Answer:
Business Properties Inc offers to sell a warehouse to Corporate
Investments. Transport Store Company is aware of the offer and is
interested in buying the warehouse. This offer can be accepted by
