Daniel, his parents, and three brothers own all the stock of their family farm corporation and each person takes an active role in managing the enterprise. This corporation, which is taxed as a corporation, is most likely
a. an S corporation.
b. a professional corporation.
c. a close corporation.
d. a proprietorship.
c
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Indicate whether the statement is true or false
Tranquility Care provides home healthcare services at an average price of $70 per hour and incurs variable costs of $45 per hour. Assume average fixed costs are $3,600 a month. (Round your answer to the nearest whole unit.)
1. What is the number of hours that must be billed to reach the breakeven point? 2. If the company desires to make a profit of $2,000, how many hours must be completed? 3. The company thinks it can reduce fixed costs to $3,400, but variable cost will increase to $48 per hour. The price per unit will not change. What is the new breakeven point in hours?
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Answer the following statement true (T) or false (F)
Which contract would ordinarily be considered illegal?
a. Paying a fee for a license in a state where the purpose of the licensing statute was merely to raise revenue for the state. b. A contract between a minor and an adult for the sale of real estate. c. A contract made by an intoxicated person. d. Paying your state senator $10,000 to vote in favor of a bill you have an interest in.