Fi515 Week 4 Exam Grading Summary

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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: | 1/29/2012 | Time Spent: | 1 h , 28 min , 45 secs | Points Received: | 100/ 100 (100%) | | Question Type: | # Of Questions: | # Correct: | Multiple Choice | 10 | 10 | | | Grade Details | 1. | Question : | (TCO A) Which of the following statements is CORRECT? | | | Student Answer: | | It is generally more expensive to form a proprietorship than a corporation because, with a proprietorship, extensive legal documents are required. | | | | Corporations face fewer regulations than sole proprietorships. | | | | One disadvantage of operating a business as a sole proprietorship is that the firm is subject to double taxation, at both the firm level and the owner level. | | | | One advantage of forming a corporation is that equity investors are usually exposed to less liability than in a regular partnership. | | | | If a regular partnership goes bankrupt, each partner is exposed to liabilities only up to the amount of his or her investment in the business. | | Instructor Explanation: | Chapter 1 Explanation: Ch 1: d is correct, all others are incorrecta. False- Corporate formation is more complex and expensive, in general, than are partnershipsb. False- Corporations are regulated at state level and thus are more regulated than sole proprietorshipsc: False- sole proprietors are taxed once at owner leveld: true- the corporate form provides owners limited liabilitye: False- Under partnership law, each partner is liable for the business debts. | | | | Points Received: | 10 of 10 | | Comments: | | | | 2. | Question : | (TCO G) Which of the following statements is CORRECT? | | | Student Answer: |

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