A limited liability company may be classified as a partnership for tax purposes if:

A) such an election is made by "checking the box" for partnership tax treatment on the appropriate Internal Revenue Service form
B) such an election is made in the operating agreement.
C) such an election is made in the articles of incorporation.
D) a majority of its members petition the Internal Revenue Service for partnership tax treatment.


A

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Which statement is true concerning an income statement?

a. The income statement shows how much profit the company has earned since it began operations. b. Net income on the income statement should be equal to the amount of cash on the balance sheet. c. The income statement summarizes the results of operations for a period of time. d. The income statement indicates the liquidity of the company on an annual basis.

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Hector has read about the GLOBE studies in his Organizational Behavior class. He wants to provide a list of cultural “universals,” or things that transcend all cultures to his employees. One thing he should list is ______.

A. having integrity B. being autocratic C. being dictatorial D. encouraging autonomy

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Which planning approach is used when management calculates the resource requirement for each individual set of products or services and then combines to get an overall picture of resource requirement?

A. bottom-up B. top-down C. aggregate D. independent

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The cost to a firm of each type of capital is dependent upon ________

A) the risk-free rate of bonds plus the business risk of the firm B) the risk-free rate of each type of capital plus the business risk of the firm C) the risk-free rate of each type of capital plus the financial risk of the firm D) the risk-free rate of each type of capital plus the business risk and the financial risk of the firm

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