Fi515 Midterm 1

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Grading Summary These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below. | Date Taken: | 9/29/2013 | Time Spent: | 1 h , 57 min , 03 secs | Points Received: | 70 / 100 (70%) | | Question Type: | # Of Questions: | # Correct: | Multiple Choice | 10 | 7 | | |

Grade Details - All Questions |

1. | Question : | (TCO A) Which of the following statements is CORRECT? | | | Student Answer: | | One of the disadvantages of a sole proprietorship is that the proprietor is exposed to unlimited liability. | | | | It is generally easier to transfer one’s ownership interest in a partnership than in a corporation. | | | | One of the advantages of the corporate form of organization is that it avoids double taxation. | | | | One of the advantages of a corporation from a social standpoint is that every stockholder has equal voting rights, i.e., “one person, one vote.” | | | | Corporations of all types are subject to the corporate income tax. | | Instructor Explanation: | Explanation: Ch 1: a is correct, all others are incorrecta: Trueb: false- corporate shares provide easiest transfer of ownershipc: false- the corporate form results in double taxation- earnings are taxed at corporate level and dividends distributed are taxed at ownership leveld: corporations may issue classes of stock that differ in voting rightse. S-corps can elect to be taxed as proprietorship or partnership | | | | Points Received: | 10 of 10 | | Comments: | | | | 2. | Question : | (TCO G) A security analyst obtained the following information from Prestopino Products’ financial statements:

• Retained earnings at the end of 2009 were…...

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