when a group of people form a business or organization and have rights and liabilities separate from the individuals involved
Corporation

Quiz
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Other
•
9th Grade
•
Medium
JUANITA PEREZ
Used 115+ times
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13 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Corporation
Shareholder
Asset
Liability
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
most widely used form of business in the world; treated as separate legal entities from its shareholders, so they have the ability to sue or be sued, are capable of holding assets in its own name, can sign contracts and have the ability to make by-laws, which govern its internal affairs
Shareholder
C Corporation
Corporation
S Corporation
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
any person, company or other institution which owns at least one share in a company (also known as a stockholder)
Shareholder
C Corporation
Corporation
S Corporation
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
item of ownership having an exchange value
Asset
Liability
Shareholder
Medicare Tax
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
money or debt owed
Asset
Liability
Shareholder
Medicare Tax
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
when a corporation makes a profit, it pays a federal corporate income tax on it, and then if the company declares a dividend, the stockholders must report it is personal income and pay more taxes
Double Taxation
Liability
Asset
FICA Taxes
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
general corporations which have elected a special tax status with the IRS after the corporation has been formed; most appropriate for small business owners and entrepreneurs who prefer to be taxed as if they were still sole proprietors or partners
Shareholder
C Corporation
Corporation
S Corporation
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