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LSB 3213 John Holden Oklahoma State Exam 3 Q&A 100% Guaranteed Pass £10.03
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Exam (elaborations)

LSB 3213 John Holden Oklahoma State Exam 3 Q&A 100% Guaranteed Pass

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  • Module
  • LSB 3213
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  • LSB 3213

LSB 3213 John Holden Oklahoma State Exam 3 Q&A 100% Guaranteed Pass All of the following are methods that a sole proprietorship can raise money except A) Private loans. B) Commercial loans. C) Sell ownership in the business. D) Line of credit - Sell ownership in the business Which of the fo...

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  • December 24, 2024
  • 24
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • LSB 3213
  • LSB 3213
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LSB 3213 John Holden Oklahoma State

Exam 3 Q&A 100% Guaranteed Pass


All of the following are methods that a sole proprietorship can raise money

except

A) Private loans.

B) Commercial loans.

C) Sell ownership in the business.

D) Line of credit - ✔✔Sell ownership in the business

Which of the following is true about a sole proprietorship?

A) It is subject to corporate income tax.

B) Sole proprietorships face double taxation.

C) The owner reports income and expenses on the owner's own tax return.

D) The owner must file a tax return on behalf of the business. - ✔✔C) The

owner reports income and expenses on the owner's own tax return.

The person who is entitled to the profits of a business based on the

percentage of

ownerships is


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©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

,A) Executive

B) Manager

C) Board member

D) Principal - ✔✔D) Principal

Reid Sterling owns a sole proprietorship called Dunkle Distributing. Dunkle

Distributing

is a

A) Legal Name

B) Brand Name

C) Commercial Name

D) Trade Name - ✔✔d. a trade name.

Which statement below is correct about a sole proprietorship?

A) It can have multiple owners.

B) It is created by filing bylaws.

C) It has low start-up costs and minimal filing.

D) It faces double taxation - ✔✔C) It has low start-up costs and minimal

filing

Gwendolyn Melvin wishes to start a children's sports store called, "Just Let

'Em Play!" as



2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

, a sole proprietor. What form must she file so that she can use another

name than her own?

A) Name Certificate

B) DBA Certificate

C) UCC-1 statement

D) Disclosure statement - ✔✔B) DBA Certificate

Josh is a sole proprietor of an ice cream shop. Regina, a customer, slips

and fall on some

melted mint chocolate chip ice cream on the floor and breaks her leg.

Regina files suit and wins a

judgment of $50,000. Josh does not have any insurance and the total value

of the assets of the ice

cream shop is $10,000. Which statement below is correct?

A) Josh will not be required to pay anything because he does not have

insurance.

B) Josh will have to pay $10,000 and then set up a payment plan to pay off

the balance.

C) Josh will have to use his own personal assets to pay the remainder of

the judgment.



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©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

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