exam 1 2006

exam 1 2006 - NAME _ SECTION _003_ ACC 200 - SPRING 2006...

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1 NAME _________________________ SECTION _________003__________ ACC 200 - SPRING 2006 EXAM 0NE 1. Fill in the information requested at the top of this page. Fill in your name on the answer sheet provided. 2. Enter all answers on the answer sheet provided but do NOT make extraneous marks on the answer sheet. Use the test paper for scratch work. The answer sheet will be machine graded; please handle it in a careful manner. Answers must be on the front side , i.e., the side with space for your name and identification. 3. Each question should be answered in the appropriately numbered space on the front side of answer sheet (1-20). Only one answer is acceptable for any question. If you must erase, erase completely . Fill in the chosen circle completely with a soft (#1 or #2) pencil. Remember, with multiple choice questions, there might appear to be several good answers. You need to select the best answer. 4. When you complete the exam, turn in your exam and answer sheet at the front of the room. HONOR PLEDGE I have neither given nor received unauthorized aid on this exam. SIGNED: ____________________________________________
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2 1. Which of the following is true about a business organization formed as a sole proprietorship? A) Owners of the business organization are called partners. B) Owners’ losses from the business venture are limited to their investment in the business organization. C) Owners elect individuals to serve on the board of directors to oversee management of the company. D) The business organization is not a separate legal entity in the eyes of the state and federal government. 2. One advantage of establishing a business organization as a partnership is that the: A) Owners can easily transfer their ownership interest to other individuals. B) Owners will not be subject to double taxation. C) Business organization can easily continue upon the death of an owner. D) Business organization can easily be created.
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exam 1 2006 - NAME _ SECTION _003_ ACC 200 - SPRING 2006...

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