Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

BA 101 > Midterm 3 > Flashcards

Midterm 3 Flashcards

You may prefer our related Brainscape-certified flashcards:
Physics 101 flashcards Psychology 101 flashcards Chemistry 101 flashcards Biology 101 flashcards Organic Chemistry 101 flashcards Sociology 101 flashcards
1
Q

Pros of a Sole Proprietorship

A

Easy, Cheap, and Quick

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Cons of a Sole Proprietorship

A

Based on own Credit, Unlimited Liability, Limited Lifespan

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Pros of Partnership

A

More Control and Single Taxation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Cons of Partnership

A

Unlimited Liability, Limited Lifespan, and Limited Access to Capital

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Pros of Cooperations

A

Unlimited Lifespan, Unlimited Liability, Separate Legal Entity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Cons of Cooperations

A

Double Taxation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Key Points of a General Partnership

A

Share Risk and Wealth Equally, and Unlimited Agency

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Key Points of a Limited Partnership

A

No Agency, Limited Liability, and Do Not Share Risk Equally

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What Does Separate Legal Entity Mean

A

No Single Individual is Responsible

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What Does the Securities and Exchange Commission (SEC) Do

A

Regulate the Sale of Stock, Find and Report Financial Information

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Domestic Business

A

Operated within State of Incorporation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Foreign Business

A

Operated within another state than Incooperated in

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Alien Business

A

Operated in another country than originated

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is the Legal Requirement of Cooperations

A

To Create Wealth for Stockholders

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is the B-Corps or Benefit Corps Motive

A

Business should aspire to do no harm and benefit all

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What Are The 3P’s of Business

A

People, Planning, and Profit

17
Q

Pros of a Limited Liability Company (LLC)

A

Low Taxation, Limited Liability, and No Cooperate Structure

18
Q

What Does “Merger” mean

A

Two Firms Voluntary join into one

19
Q

What Does “Acquisition” mean

A

One Firms buys another

20
Q

What Does “Horizontal” mean

A

Acquiring another business in the same industry

21
Q

What Does “Vertical” mean

A

Distribution Channels

22
Q

What Does “Conglomerates” mean

A

Unrelated Businesses

23
Q

What Do Sole Proprietorships Do

A

Introduce a form of risk

24
Q

What Do You Need to Form A Cooperation

A

Need a Government Charter

25
Q

What is a Big Disadvantage of Partnerships

A

Unlimited Liability

26
Q

What Do Partnerships Have To Do to Raise More Capital

A

Get More Partners

27
Q

In a General Partnership, each of liable for the debt they incure

A

False

28
Q

What Can A Cooperation Do

A

Buy and Sell Property, Borrow Money, Sue In Court, and Be Sued

29
Q

What Is a Right of Common Stockholders

A

Vote for the Board of Directors

30
Q

What Do LLC Owners Have

A

Limited Liability

31
Q

What is the Easiest Business to Form

A

A Sole Proprietorship

32
Q

What Do Partnerships Follow

A

Mutual Agency

33
Q

How Are Cooperations Taxed

A

Double

34
Q

What Do All Company Types Have in Common

A

All Profits Belong to Owners

35
Q

What is a Merger

A

When Two Firms Voluntarily form a New Firm together

36
Q

What is a Pro of Cooperations

A

Smooth Transfer of Ownership

BA 101 (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions