Financial Management First Test at Hochschule Für Angewandte Wissenschaften Würzburg-Schweinfurt | Flashcards & Summaries

Lernmaterialien für Financial Management First test an der Hochschule für angewandte Wissenschaften Würzburg-Schweinfurt

Greife auf kostenlose Karteikarten, Zusammenfassungen, Übungsaufgaben und Altklausuren für deinen Financial Management First test Kurs an der Hochschule für angewandte Wissenschaften Würzburg-Schweinfurt zu.

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Define Finance 

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As a discipline, grew out of economics an accounting

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Under the requierements of Sarbanes- Oxley Act. 


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CEO and CFO must certify, under aphalty of law, the accuaracy oft he firms financial statements- more affiliale boards

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Proprietorship 


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TESTE DEIN WISSEN

an unincorporated business owned by individual

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Who makes Finance  decisson in the Firm?

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Financial decisions are made primarilly by the CFO. The CFO falls under the CEO who makes decisons and is on the same lavel as the CFO.

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Partnerships 


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TESTE DEIN WISSEN

An unincorporated bussiness owned by two or more individuals

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Tell me the 3 types of Partnerships 

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  1. Generall parnership- Each owner is is liable fort he business debts
  2. Limited partnership- Only general partners are liable for business debts (unlimited)
  3. Limited liability partnership LLP- Professionel fims, all parners have limited liabilites
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Corporation ( C Corporation) 


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a legal antity created under state laws which is seperated and disthct from its owner

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Corporation Advantages and disadvatages


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Advantages:

  1. Unlimted life of the business
  2. Easliy transfarable ownership interes
  3. Limted liability of the owner

Disadvantages:

  1. Double taxed corperate tax, income tax
  2. Costs assosiated with the formation oft he business
  3. Greater amount of regulation
  4.  
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TESTE DEIN WISSEN

S Corporation 


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TESTE DEIN WISSEN

Given certain requirements – restricted by size (100)

Taxed like a partnership or proprietorship     ===>            limited liability of stockholders

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Advantages and Disadvatages of a Proprietorship 

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Advantages:

  1. Easily and inexpensivly formed
  2. Subject to few goverment regulations
  3. Business income is not subject to corporate taxation ( just personal income)

Disadvantages:

  1. May be difficult to obtain capital need for growth
  2. Unlimited personal Liabilty
  3. Life oft he business limited to the life oft he owner
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TESTE DEIN WISSEN

If a corporation elects to be taxed as an S corporation, then both it and its stockholders can avoid all Federal taxes. 


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TESTE DEIN WISSEN

right 

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A corporation has which of the following characteristics:


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Unlimited life and difficulty obtaining large sums of money

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Beispielhafte Karteikarten für deinen Financial Management First test Kurs an der Hochschule für angewandte Wissenschaften Würzburg-Schweinfurt - von Kommilitonen auf StudySmarter erstellt!

Q:

Define Finance 

A:

As a discipline, grew out of economics an accounting

Q:

Under the requierements of Sarbanes- Oxley Act. 


A:

CEO and CFO must certify, under aphalty of law, the accuaracy oft he firms financial statements- more affiliale boards

Q:

Proprietorship 


A:

an unincorporated business owned by individual

Q:

Who makes Finance  decisson in the Firm?

A:

Financial decisions are made primarilly by the CFO. The CFO falls under the CEO who makes decisons and is on the same lavel as the CFO.

Q:

Partnerships 


A:

An unincorporated bussiness owned by two or more individuals

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Q:

Tell me the 3 types of Partnerships 

A:
  1. Generall parnership- Each owner is is liable fort he business debts
  2. Limited partnership- Only general partners are liable for business debts (unlimited)
  3. Limited liability partnership LLP- Professionel fims, all parners have limited liabilites
Q:

Corporation ( C Corporation) 


A:

a legal antity created under state laws which is seperated and disthct from its owner

Q:

Corporation Advantages and disadvatages


A:

Advantages:

  1. Unlimted life of the business
  2. Easliy transfarable ownership interes
  3. Limted liability of the owner

Disadvantages:

  1. Double taxed corperate tax, income tax
  2. Costs assosiated with the formation oft he business
  3. Greater amount of regulation
  4.  
Q:

S Corporation 


A:

Given certain requirements – restricted by size (100)

Taxed like a partnership or proprietorship     ===>            limited liability of stockholders

Q:

Advantages and Disadvatages of a Proprietorship 

A:

Advantages:

  1. Easily and inexpensivly formed
  2. Subject to few goverment regulations
  3. Business income is not subject to corporate taxation ( just personal income)

Disadvantages:

  1. May be difficult to obtain capital need for growth
  2. Unlimited personal Liabilty
  3. Life oft he business limited to the life oft he owner
Q:

If a corporation elects to be taxed as an S corporation, then both it and its stockholders can avoid all Federal taxes. 


A:

right 

Q:

A corporation has which of the following characteristics:


A:

Unlimited life and difficulty obtaining large sums of money

Financial Management First test

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