Acct 41: Midterm Review:
Homestead exemption: the portion you are allowed to keep.
Fixture: anything affixed to the real property and become part of the real property.
Concurrent ownership: a person who share ownership rights simultaneously in a particula
Chapter: form of business organization (sole, partnership and corporation)
The major traditional business formssole proprietorships, partnerships, and
the simplest form of businessthe owner is the business. Anyone who do
Chapt 30 Bankruptcy law
Provide groudwork for any business or any person who can no longer make
payment on the debts they owe
Provide relief form paying heavy debts
Provide a fir means of distributing a debtors assent among all
T or F
1. F sole propriety has limited liability.
2.T Commingling of funds is one of the indicate that the corporation is not in properly managed.
3.F 2002 Sarbanes Oxley Act is act that create the SEC security exchange commission.
6.F Board direc