Sole proprietor Samenvattingen, Aantekeningen en Examens

Introduction and overview of the module ......................................................... ii LEARNING UNIT 1 Introduction to the preparation of financial statements .......................... 1 LEARNING UNIT 2 Financial statements of a sole proprietorship ........................................ 24 LEARNING UNIT 3 Establishment and financial statements of a partnership ...................... 46 LEARNING UNIT 4 Changes in the ownership structure of partnerships ..............

sole proprietor correct answers A form of business ownership is least regulated partnership correct answers Under which form of business organization are all investors fully liable for all debts of the business. S corporation correct answers owner who is looking for maximum protection from personal liability leaving something out correct answers worst possible error in estimating source documents correct answers the paperwork related to purchase order, credit card receipts and so on....

Policy Conditions - correct answer How parties to the contract must act following a loss Discovery Form in Commercial Ins. - correct answer an occurrence taking place at any time & discovered during the policy period or extended reporting period (60 days) Vacant - correct answer Absence of people and property Filed form in Commercial - correct answer a form that may require an insurer to file for rate & form approval Unfiled form in Commercial - correct answer may not require an appr...

A physician is looking to open an Opioid Treatment Program (OTP) in order to treat opioid dependence in his area. What must the physician do in order to operate an OTP? (SATA) a. Obtain accreditation from an independent, SAMHSA-approved entity b. Obtain approval and certification from SAMHSA c. Obtain approval and certification from the state methadone authority d. Obtain certification from the FDA e. Register with the DEA as a Narcotic Treatment Program - correct answer a. Obtain accredi...

Who does not need a contractor’s License? (Ans- someone who does certain construction on commercial agricultural property The contractor surety Bond necessary for most contractors to obtain their license is in the amount of (Ans- $15,000 When licensed as a Sole Proprietor the license belongs to (Ans- the Company Which is true of an inactive license? (Ans- Must be renewed every 4 Years How many classifications can an RME apply for? (Ans- As many classifications as he or sh...

What are some of the advantages of a sole proprietor? correct answers Business can be sold at will Freedom in Decision Making Process Sole Ownership of Profits Low startup cost Simple Ownership Form Minimal Legal Restriction What are some of the disadvantages of a Sole Proprietor? correct answers Less Available capital Unlimited Personal Liability Possible difficulty obtaining long term financing dissolution of the business in the event of the owner's death This is the relationsh...

Do you need a real estate license to sell a mobile home on a rented space? - correct answer -No! Does the real estate agent with a lapsed license need to have an active license when lease-optioning personally-owned real estate? - correct answer -No - but they must do all other duties as if they WERE being supervised, IE keep finacial records, hold funds in neutral escrow, etc. Which situation requires a property manager to comply with license law and administrative rules? rental or lease-o...

D Correct Answer-When a salesperson goes to work for a broker, the salesperson must enter into a written contract that explains the terms of the employment relationship. The Commission: A. Requires the agreement state what accounting is to take place for such things as prospects, signs, and keys at the time the licensee decides to leave the broker B. Enforces the terms of such employment agreements C. Requires such agreements to specify how the salesperson is to be compensated D. BOTH requ...

Gmetrix Entrepreneurship & Small Business Exam. 1. Besides defining strengths and weaknesses, what is the other main factor determined during a self-assessment? 2. Which are considered risks of being an entrepreneur? choose three answers. 3. George wants to take his passion for golf and open a golf academy. What would be the benefits George could enjoy from this experience? Choose two 4. After doing a self assessment, Peter realizes he wants to start a plumbing business, but doesn't...

The most common *business entities* (6) - correct answer -1. Sole proprietorship 2. general partnership 3. limited partnership 4. corporation 5. limited liability company 6. limited liability partnership *Sole Proprietorship* (11/ownership, creation, taxation, representation, control, transaction, popularity, liability, responsibility, transferability, life, ability to raise capital) - correct answer -1. owned and operated by one person 2. Ease to create (only purchasing a business lice...