Southern New Hampshire University
FIN-320 Principles of Finance
EXAM 1 questions and answers
1
Jerome and his roommate are launching a business repairing cars. They plan to own the business and share the
profits equally and they don't want a complicated business structure that requires them to file annual reports.
Which form of business structure would clearly meet their needs?
S corporation
Corporation
Sole proprietorship
Partnership
CONCEPT
Types of Business Organizations
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2
Consider the following information:
Total current assets
$51,787
Deferred income taxes
$1,242
Inventories
$3,485
Prepaid expenses
$1,116
