Term
-Tax like individual
-Easy and inexpensive to form |
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Definition
| What is an advantage to a sole proprietors? |
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Term
-Ownership isn't easy to tranfer
-Unlimited liability for business debt |
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Definition
| Disadvantage of sole proprietorship? |
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Term
| Liabable for partners actions |
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Definition
| Disadvantage of partnership |
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Term
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Definition
| 2 advantages of Corporation |
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Term
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Definition
| Disadvantage of a corporation |
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Term
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Definition
| What is an owner of an LLC called? |
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Term
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Definition
| A document that LLC files to legally create itself? |
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Term
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Definition
| What document must a corporation file quarterly with SEC? |
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Term
| stockholders/shareholders |
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Definition
| Who elects the board director of a corporation |
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Term
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Definition
| CEO works a____________ on behalf of the shareholders |
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Term
(1) income statement
(2) balance sheet
(3) cash flow statement
(4) shareholder's equity |
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Definition
| 4 finanical statements that corporations report |
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Term
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Definition
| Less formal annual filing of a corporation is called what? |
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Term
-Taxes
-More tax shelters upfront |
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Definition
| Why might a company use a accelerated depreciation methods? |
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Term
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Definition
| If a company wants to depreicate some land that they just bought for $100,000, what is the maximum amount that can depreicate each year using the straight line methods? |
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Term
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Definition
| A company buys a machine for $100,000 and depreicates it over 20 years with $20,000 of residual value. What is the annual depreciation expense reported using the straight like method? |
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Term
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Definition
| Net income flows to the _____________ account under equity |
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Term
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Definition
| Marking down the value of resources is called? |
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Term
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Definition
| If a company equipment for more than its current value on the books, what is reported on the income statement? |
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Term
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Definition
| Revenue minus COGS (cost of goods cold) is called____________. |
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Term
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Definition
| Net income divided by revenue is called a___________. |
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Term
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Definition
| Net income is typically adjusted for actual cash flow on the____________. |
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Term
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Definition
| If you want to know if a company can meet short-term obligations, what type of ratios would be most helpful? |
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Term
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Definition
Since these statements came from Disney's annual SEC filing, which form are they from?
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Term
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Definition
| depreciation can be applied to land on financial statements |
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Term
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Definition
| Corporations are subject to double taxation |
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Term
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Definition
| An LLC files articles of organization |
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Term
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Definition
| Shareholder's elect the board of directors |
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Term
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Definition
| the board of directors choose executives, such as the CEO |
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Term
| Perpetual (unlimited) life |
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Definition
| Which of the following is an advantage of a corporation? |
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Term
-Provides for limited liability of owners
-Taxed like a partnership or corporation
-Flexible ownership structure |
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Definition
| Advantages of limited liability company (LLC) |
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Term
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Definition
| An asset that can be easily converted into cash without significant loss of it original value called? |
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Term
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Definition
| Which is NOT a form of marking down the value of an asset on the books? |
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Term
-Balance Sheet
-Income Statement
-Statement of Cash Flows
-Statement of Stockholder's equity |
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Definition
| Annual and quartely reporting required by SEC (10K, 10Q) |
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Term
-Statement of the firm's financial position at a specific point in time
-Found in 10K and 10Q
- typcial annual report
--less formal shareholder document |
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Definition
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