Unit II Sample Test

Unit II Sample Test - Unit II Sample Test Instructions...

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2 2 Instructions Before you do anything else: WRITE YOUR NAME ON ALL SHEETS Time: 50 minutes Maximum points possible are marked in the circle next to each problem. The more difFcult or more time consuming a problem the more points are awarded. More points are given for documenting your work than for Fnding the correct result. Make sure you write down how you came up with your answer (except pure word problems 1, 2, 3, 11, 13). Just circling the correct answer will not give you maximum points. Don ʼ t write a novel, a formula or just the numbers you ʼ ve used in your calculation is sufFcient. 1. A limited partner: a. has no personal responsibility for the debts incurred by the partnership. b. is guaranteed a return of his or her entire investment in the partnership if the partnership terminates. c. can only control the daily operations for an individual segment of the partnership. d. has minimal control, if any, over the daily operations of the partnership. 2. Which of the following have unlimited personal liability for the debts of the business entity? a. general and limited partners b. sole proprietors and limited partners c. sole proprietors and general partners d. limited partners and common stockholders 3. An agency problem is most apt to exist in which one of the following situations? a. an employee asks for a raise and is denied
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Unit II Sample Test - Unit II Sample Test Instructions...

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