Business Management KOSSA Review 2024 Questions and Answers 100% Pass

Business Management KOSSA Review 2024 Questions and Answers 100% Pass About half of all new businesses fail within the... -Answer-fifth to sixth year. If a proprietor has debts, the first claim on business assets belongs to the... -Answer- owners. If the liabilities of a business amount to $90,000 and its assets are valued at $280,000, the capital would amount to... -Answer-$90,000. An advantage of a proprietorship when compared to other forms of business ownership is... -Answer-the owner's liability is limited to the amount of the investment. The type of business that can be operated suitably as a proprietorship is one that... - Answer-can be managed by the proprietor or by people hired by the proprietor. Probably the main reason for forming a partnership is to... -Answer-get needed capital to expand a successful business. An advantage of partnerships when compared to proprietorships is... -Answer-more capital is usually unavailable. Usually if a certificate of limited partnership is not filed... -Answer-limited partnerships will have full financial liability. Corporations tend to be... -Answer-few in number and large in size. An official document giving power to run a corporation is a... -Answer-charter. A corporation that sells shares of stock to the public is called... -Answer-an open corporation. A stockholder who wishes to sell stock... -Answer-can transfer ownership to anyone rather easily. If a corporation with taxable earnings of $92,000 has a tax rate of 15 percent on the first $50,000 and a 25 percent tax rate on the next $45,000, the federal income tax owed will amount to... -Answer-$18,000. An agreement that involves two or more businesses to make or sell a good or service is called... -Answer-joint venture. To qualify as an LLC, a business... -Answer-cannot have more than 35 stockholders. What is the name of the 1936 act whole main purpose was to prevent setting different prices for different customers? -Answer-Robinson Patman Act In 1938, the act that was passed to strengthen earlier laws that outlawed unfair methods of competition and included false advertising is the... -Answer-Wheeler-Lea Act. For how many years does the federal government grant an author the sole right to reproduce, publish, and sell literary or artist work? -Answer-For the life of the author plus 70 years. When a business distributes incorrect information that causes a person's credit reputation to suffer, the business is guilty under the concept known as... -Answer- information liability. Because the sales tax applies to purchases rather than to income, the tax is... -Answer- regressive. A tax that applies only to selected goods or services, such as gasoline, is called... - Answer-an excise tax. The invention that had the greatest impact on the consumer and business use of the internet was the... -Answer-www. The basic elements of a computer are... -Answer-input devices, central processing unit, and output devices. Information is... -Answer-data that have been processed in some meaningful way that is useful to decision makers. A person who manages and maintains a Web site is a... -Answer-Webmaster. E-businesses are... -Answer-businesses that buy and sell to other businesses and to consumers