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Practice AICPA CPA-Business Exam Questions

1. Page: 1/106
  Total 530 Questions
Question No 1

A sole proprietorship would be an ideal form of business to select if:

Choose the Choices:

The individual desired no liability beyond his capital investment.

The individual wanted to be able sell the business at will.

The individual wanted the business to be a separate entity from the sole proprietor.

The individual wanted the business to continue indefinitely.

B
Question No 2

Formation of which of the following types of business does not require the filing of documents with the state?

Choose the Choices:

Option A

Option B

Option C

Option D

C
Question No 3

Which of the following forms of business can be formed with only one individual owning the business?

Choose the Choices:

Option A

Option B

Option C

Option D

B
Question No 4

Noll Corp. and Orr Corp. are contemplating entering into an unincorporated joint venture. Such a joint venture:

Choose the Choices:

Will be treated as a partnership in most important legal respects.

Must be dissolved upon the completion of a single undertaking.

Will be treated as an association for federal income tax purposes and taxed at the prevailing corporate rates.

Must file a certificate of limited partnership with the appropriate state agency.

A
Question No 5

What term is used to describe a partnership without a specified duration?

Choose the Choices:

A perpetual partnership.

A partnership by estoppel.

An indefinite partnership.

A partnership at will.

D
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