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Florida State Business & Finance Exam Study Guide - Volume 1- Section 1 (Business MGMT.) - Practice Test 2 Questions and Answers Graded A+$16.99
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Florida State Business & Finance Exam
Study Guide - Volume 1- Section 1
(Business MGMT.) - Practice Test 2
The difference between a Partnership and a Joint Venture is ________. - answerThe
joint venture is usually limited to a single activity.
Ray Romano has to decide to activate his plumbing license and open a business. Ray
will be the sole proprietor. He filed his business name under the fictitious names act, as
the Flush-em Out Company. He has to file for his SS-4 number within _______ days
after his business has opened. - answerRay does not need a Federal ID number.
Which of the following areas would address "corporation filing requirements", when
planning a contracting business? - answerStandardizing.
Unless you are a sole proprietor, federal form of SS-4 must be filed on or before the
_____________. - answerSeventh day after the date on which business begins.
When a partnership comes to an end, there are basically 3 steps which it goes through.
These three steps are ______, _______, and _________. - answerDissolution, winding
up, and termination.
A person may engage in a contracting business under a fictitious name by registering
the name with ________. - answerThe division of corporations.
If a business qualifies to be a corporation, yet decides it wants to be taxed as a
partnership, it must be a/an _________. - answerS corporation.
Smith and Jones form a partnership for one project. Each partner invests $50,000 in
capital. Smith and Jones take on a limited partner (Scrooge) to raise capital for the one
project. Scrooge invests $100,000. The project continued 8 months and Scrooge
discovered that the business was losing money. To protect his investment, he became
involved in the day-to-day operations. The limited partner's involvement came too late
and at the end of 12 months the business was closed. The cash value of all assets at
closing was $170,000and the Total liabilities (all payable to creditors) was $200,000.
Considering these facts only the maximum amount that the creditors could collect from
the limited partner is ________? - answer$30,000, joint and several liability applies.
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