A legal entity in which you control the assets and can receive income, but also have the option to leave or remove assets, is called a(n)
A) family trust.
B) revocable living trust.
C) irrevocable living trust.
D) testamentary trust.
Answer: B
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In an effort to help one of her corporate customers avoid paying a large amount for
income tax, Jenny an accountant provided an inaccurate financial statement to the company which later submitted it in support of its tax return. The fraud was discovered by Revenue Canada. Which of the following statements is correct? A) Jenny may be held liable for up to 50% of the amount of the fraud. B) Jenny may be held liable for up to 75% of the amount of the fraud C) Jenny may be held liable for up to 100% of the amount of the fraud D) Jenny may be held liable for up to 25% of the amount of the fraud E) Jenny may be held liable for up to 40% of the amount of the fraud
The __________ dimension of the general environment includes federal, state, and local government regulations.
A. technological B. legal-political C. economic D. sociocultural E. international
Fred, the president of Fred, Inc., has executed a ____. The terms of the Fred, Inc. promissory note require the corporation to repay the loan in monthly installments.
A. term-loan agreement B. trade loan agreement C. business financing agreement D. equity note
All of the following are sources of threats except ________.
A. natural disasters B. firewalls C. human error D. natural events E. computer crime