Reference no: EM132677672

Problem 1: An entity that is organized according to state or federal statutes and which ownership is divided into shares of stock is a:

Option 1: proprietorship

Option 2: corporation

Option 3: governmental unit

Option 4: partnership

Problem 2: Which of the following types of business is popular for its ease and low cost organizing?

Option 1: not-for-profit

Option 2: corporation

Option 3: partnership

Option 4: proprietorship

Problem 3: Which of the following are business stakeholders?

Option 1: customers

Option 2: suppliers

Option 3: stockholders

Option 4: all of these

Problem 4: The basic financial statements do not include the:

Option 1: income statement.

Option 2: tax return.

Option 3: statement of cash flows.

Option 4: balance sheet.

Problem 5: Which of the following is not considered to be a liability?

Option 1: Accounts receivable

Option 2: Accounts payable

Option 3: Note payable

Option 4: Unearned revenues