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Florida State Business & Finance Exam Study Guide - Volume 1 - Section 1 (Business MGMT.) - Practice Test 3 Questions and Answers 2024 $12.99
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Florida State Business & Finance Exam Study Guide - Volume 1 - Section 1 (Business MGMT.) - Practice Test 3 Questions and Answers 2024
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  • Florida Business And Finance

Florida State Business & Finance Exam Study Guide - Volume 1 - Section 1 (Business MGMT.) - Practice Test 3

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  • September 23, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • florida state business finance exam study guide

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  • Florida business and Finance
  • Florida business and Finance

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Florida State Business & Finance Exam
Study Guide - Volume 1 - Section 1
(Business MGMT.) - Practice Test 3

With the following projected start up cost or expense for a three month period, how
much should be placed in the budget for this period.
1. Rent $400 per month
2. Organizational expense $2,000
3. Inventory for three months $3,000
4. Sub-contractors labor for first project $8,000
6. Rent deposit $800
7. Lease equipment $500 per month - answer$4,000

What is not an item contained in a model business plan? - answerA cash flow statement
of each major owner from the previous year.

What is not true regarding a corporation? - answerFringe benefits are not tax
deductible.

Fictitious names remain valid for _____ years. - answerFive.

A limited partner contributed $200,000 in cash to a business, an existing partnership
consisting of two partners. After the investment, the business failed within eight months.
The following financial information was given to the limited partner by the two general
partners: Assets (all are or can be converted to cash) - $250,000; Liabilities (all are due
and correct) - $450,000. The limited partner can be made to pay _________ of the
outstanding debts. - answerZero.

What is not a true statement concerning starting capital for a new business? -
answerThe expense of garbage and trash removal need not be considered when
determining how much starting capital will be required.

Joan and Al are general partners. They invite Bill to join them as a limited partner. Bill
contributes $50,000 to the partnership. Joan and Al each contributed $100,000. Joan
soon discovers that bill is very smart and encourages him to make decisions concerning
the partnership. A year later, the partnership goes out of business. What statement is
true regarding the partners' creditors? - answerJoan, Al, and probably Bill are liable for
the total amount of debts.

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