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BUS 100 Test 3 Latest Update Exam | Questions and Verified
Answers | 100% Correct | Grade A +
unlimited liability - ANSWER owner or general partner of
business personally responsible for all debts on business
general vs limited partner liability - ANSWER general - involved
in management of business, personally responsible for debts of
business
limited - just invests, only responsible for total amount invested
open vs closed corporation - ANSWER open - stock can be
owned by anyone
closed - stock only owned by certain people
domestic vs foreign corporation - ANSWER domestic - a
corporation operating in the state in which it is incorporated
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foreign - a corporation operating in a state in which it is not
incorporated
alien corporation - ANSWER a corporation chartered by a
foreign government while conducting business in the USA
common vs preferred stock - ANSWER common - ownership
with a vote
preferred - no voting rights, but will get money first
dividends - ANSWER a distribution of earnings to the stock
holders
proxy (2 things) - ANSWER legal form that lists issues to be
settled at stock holders meeting, and stockholders can transfer
voting rights
S - Corporation - ANSWER corporation taxed as a partnership
not for profit - ANSWER provides a service than to make a profit
BUS 100 Test 3 Latest Update Exam | Questions and Verified
Answers | 100% Correct | Grade A +
unlimited liability - ANSWER owner or general partner of
business personally responsible for all debts on business
general vs limited partner liability - ANSWER general - involved
in management of business, personally responsible for debts of
business
limited - just invests, only responsible for total amount invested
open vs closed corporation - ANSWER open - stock can be
owned by anyone
closed - stock only owned by certain people
domestic vs foreign corporation - ANSWER domestic - a
corporation operating in the state in which it is incorporated
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foreign - a corporation operating in a state in which it is not
incorporated
alien corporation - ANSWER a corporation chartered by a
foreign government while conducting business in the USA
common vs preferred stock - ANSWER common - ownership
with a vote
preferred - no voting rights, but will get money first
dividends - ANSWER a distribution of earnings to the stock
holders
proxy (2 things) - ANSWER legal form that lists issues to be
settled at stock holders meeting, and stockholders can transfer
voting rights
S - Corporation - ANSWER corporation taxed as a partnership
not for profit - ANSWER provides a service than to make a profit
