Fundamentals of ABM

Question 1

transact business only with members

Answer 1

COOPERATIVE

Question 2

effect of operation in financial resource

Answer 2

BALANCE SHEET OR STATEMENT OF FINANCIAL CONDITION

Question 3

artificial being created by operation of law

Answer 3

CORPORATION

Question 4

aims to protect innocent partners from such wrongful acts of other partners

Answer 4

LIMITED LIABILITY PARTNERSHIPS

Question 5

it is what the contract of partnership called

Answer 5

ARTICLES OF PARTNERSHIP

Question 6

most important before you enter business or partnership

Answer 6

PROFIT SHARING AGREEMENT

Question 7

it is a withdrawal process but ongoing

Answer 7

DISSOLUTION

Question 8

divides asset and end of partnership

Answer 8

LIQUIDATION

Question 9

written contract to protect partnership

Answer 9

PARTNERSHIP AGREEMENT

Question 10

the income is reported to

Answer 10

INCOME TAX RETURNS

Question 11

information on trendy figures

Answer 11

THE CHANGES IN OWNER’S EQUITY

Question 12

where a record kept of issuance and transfer of shares

Answer 12

CORPORATION’S STOCK/ TRANSFER BOOK

Question 13

consist member of BOD

Answer 13

MANAGEMENT

Question 14

based of decision whether to extend or allow credit

Answer 14

CREDITORS AND SUPPLIERS

Question 15

engage in manufacture/ sales of goods or service

Answer 15

BUSINESS ORGANIZATION

Question 16

small scale establishments

Answer 16

SOLE PROPRIETORSHIP

Question 17

can extend the corporation, no limit number of extension

Answer 17

VIRTUALLY UNLIMITED LIFE

Question 18

corporation and a partnership

Answer 18

LIMITED LIABILITY COMPANY

Question 19

a partner who has unlimited liability called

Answer 19

GENERAL PARTNERS

Question 20

supplier of accounting infos

Answer 20

POTENTIAL INVESTORS

Question 21

serves as basis of income
investigating taxpayers accounting infos

Answer 21

TAXING AUTHORITIES

Question 22

study relevant financial reports

Answer 22

LABOR UNIONS

Question 23

formulate policies for economic using guideline, makes assessment and regulate activities

Answer 23

GOVERNMENT AGENCIES

Question 24

document of evidences in ownership in a corporation

Answer 24

CERTIFICATE OF STOCK

Question 25

corporate investor

Answer 25

SHAREHOLDER

Question 26

decision makers who don’t belong in bus org

Answer 26

EXTERNAL USERS

Question 27

evaluate prospects in industry, prepares essential wage and demands

Answer 27

LABOR UNIONS

Question 28

practice of trades with the intention of profit

Answer 28

BUSINESS ORGANIZATION

Question 29

if ur debt is higher than ur business asset, creditors will go after your personal assets

Answer 29

UNLIMITED LIABILITY

Question 30

owner always have the final word

Answer 30

OWNER’S BIAS

Question 31

where the record of kept issuance and any transfer of shares

Answer 31

CORPORATION’S STOCK, TRANSFER BOOK

Question 32

register their articles of cooperation with

Answer 32

COOPERATIVE DEVELOPMENT AUTHORITY