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1.
Partnership agreements typically include all of the following, except:
A)Expectations for sharing profits and losses
B)Partner's salary requirements
C)Methods for conflict resolution
D)Shareholder's expectations for a successful business
2.
What is a hybrid entity that has the legal protections of a corporation and the ability to be taxed (one time) as a partnership?
A)Limited partnership
B)Limited liability corporation
C)Limited proprietorship
D)Limited shareholder
3.
What tracks and communicates changes in the shareholder's earnings?
A)Balance sheet
B)Statement of owner's equity
C)Statement of cash flows
D)Income statement
4.
What is an asset?
A)A distribution of earnings to shareholders
B)Refers to the amount earned resulting from the delivery or manufacture of a product or from the rendering of a service
C)Refer to the costs incurred in operating and maintaining a business
D)Anything owned that has value or earning power
5.
What is the point at which revenues equal costs?
A)Break-even point
B)Cash flow analysis
C)ROI
D)IRR





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