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Multiple Choice
1.
The following are possible forms of
business ownership except for a:
a)
sole
proprietorship.
b)
partnership.
c)
bureaucracy.
d)
corporation.
2.
Joe wants to form his own business.
He wants to get started as
quickly land
inexpensively
as
possible
and
has
a
strong
desire
to
control
the
business
himself.
He
is
confident
he
will
be
successful
and
wants
to
keep
all
the
profits
himself.
Joe’s
goals
i
ndicate
he
would
probably
choose
to
operate
his business as a(n) :
a)
limited
partnership.
b)
limited liability company.
c)
S-corporation.
d)
franchise.
e)
sole
proprietorship.
3.
A business owned by a single owner is
referred to as a:
a)
partnership.
b)
sole proprietorship.
c)
limited
partnership.
d)
corporation.
e)
subchapter S-corporation.
4.
A disadvantage
of a sole proprietorship is that:
a)
sole
proprietors
have
very
little
control
over
the
operations
of
the
business.
b)
sole proprietors have unlimited
liability.
c)
it
is
more
difficult
and
expensive
to
establish
than
other
forms
of
business.
d)
its earning are subject to higher tax
rates than other forms of business.
e)
sole
proprietors are required to share the firm’s
profits with employees.
5.
Partners have unlimited liability in a
:
a)
general
partnership.
b)
corporation.
c)
limited partnership.
d)
cooperative.
6.
In a limited
partnership:
a)
all partners have limited liability.
b)
the
partnership exist only for a limited time period,
or until a specific
task is
accomplished.
c)
the
limited
partners
do
not
participate
in
management
of
the
company.
d)
the partners agree to operate in a
limited geographic area.
e)
no more than 100 partners may invest in
the company at any one time.
7.
When two or
more people, having complementary skills, agree to
co-own a
business, this agreement is
referred to as a:
a)
partnership.
b)
sole proprietorship.
c)
cooperative.
d)
corporation.
8.
e)
joint venture.
A
general
partnership
that
protects
a
partner’s
personal
assets
from
the
negligence of other partners is call a:
a)
limited
liability company.
b)
cooperative.
c)
private corporation.
d)
master limited
partnership.
e)
protected partnership.
The
______ has the most potential for raising a large
amount of funds.
a)
proprietorship.
b)
corporation.
c)
limited
partnership.
d)
unlimited partnership.
e)
S-corporation.
Important aspects of a corporation such
as the name of the firm, information
about
the
stock
issued,
and
a
description
of
the
firm’s
operations,
are
contained in a:
a)
mission.
b)
policy.
c)
charter.
d)
plan.
e)
venture.
The members of the board of directors
of a corporation are
chosen by the
corporation’s:
a)
president and
chief executive officer.
b)
creditors.
c)
general partners.
d)
stockholders
.
e)
charter
members.
9.
10.
11.
12.
When
ownership
of
a
small
corporation
is
restricted
to
a
small
group
of
investors, it is:
a)
publicly held.
b)
government
owned.
c)
bureaucratic.
d)
privately held.
e)
perfectly
competitive.
13.
When a corporation’s shares can be
easily purchased or sold by investors, it
is:
f)
publicly held
.
g)
privately
held.
h)
institutionalized.
i)
monopolized.
j)
franchised.
People become owners of a corporation
by purchasing:
a)
shares of stock.
b)
corporate
bonds.
c)
retained earnings
d)
inventory.
e)
accounts
receivable.
When stockholders of a
corporation sell shares of stock for more than
they
paid for them, they receive a:
a)
dividend.
b)
premium.
c)
capital gain
d)
discount.
e)
stock option.
The
return on investment in
a firm is derived from the firm’s ability to
earn:
a)
assets.
b)
liabilities.
c)
profits.
d)
expenses.
The total amount
invested in a company by its owners is called:
a)
the corporate
margin.
b)
equity.
c)
working capital.
d)
the stock
premium.
e)
treasury stock.
14.
15.
16.
17.
18.
The degree of
uncertainty about future earnings, which reflects
an uncertain
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