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TBUS 350: Chapter 1

Quiz by Samuel Le

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4 questions
Show answers
  • Q1
    Which of the following best describes why the Valuation Principle is a key concept in making financial decisions?
    It shows how to assign monetary value to intangibles such as good health and well-being.
    It allows fixed assets and liquid assets to be valued correctly.
    It gives a good indication of the net worth of a person, item, or company and can be used to estimate any changes in that net worth.
    It shows how to make the costs and benefits of a decision comparable so that we can weigh them properly.
    30s
  • Q2
    Which of the following is typically the major factor in limiting the growth of sole proprietorships?
    The organizational structure of such firms tends to become extremely complicated over time.
    The amount of money that can be raised by such firms is limited by the fact that the single owner must make good on all debts.
    It is extremely difficult to transfer control of such firms to a new owner if the present owner dies or wishes to sell the firm.
    Investors have a great deal of control over the day-to-day running of such firms, leading to confusion when conflicts in direction arise.
    30s
  • Q3
    Joe is a general partner in a limited partnership firm, while Jane is a limited partner in the same firm. Which of the following statements regarding their respective relationships to the firm is correct?
    Jane's liability for the firm's debts consists solely of her investment in the firm.
    Withdrawal of Jane from the partnership will dissolve the partnership.
    Jane is legally involved in the managerial decision making of the firm.
    Joe has no management authority within the partnership.
    30s
  • Q4
    Why is it possible for a corporation to enter into contracts, acquire assets, incur obligations, and enjoy protection against the seizure of its property?
    The state in which a corporation is incorporated provides safeguards against any wrongdoing by the corporation.
    The number of owners, and hence the spread of risk among these owners, is not limited.
    It is a legally defined, artificial entity that is separate from its owners.
    Its owners are liable for any obligations it enters into.
    30s

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