Business Formation, Taxation and Insurance
7 important questions on Business Formation, Taxation and Insurance
Business Interruption Insurance
- Coverage for loss of earnings
- When the business is forced to stop activities in the event of fire or other disasters
Why is it important for hospitality operations to offer customers the option of paying by credit and debit cards?
a. The customer expects it.
b. Customers tend to spend more when using credit/debit cards.
c. Greater cash flow is generated because cash is either instantly available or available within two or three days.
d. All of the above.
Which of the following statements about a proprietorship form of business is true?
a. The owner has limited personal liability for debts or uninsured claims.
b. The owner and the business are legally separate entities.
c. The owner cannot legally be paid a salary or wage from the business.
d. The business, not the owner, is responsible for paying income taxes on the business
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Which of the following statements regarding the partnership form of business is true ?
a.It must have at least one limited partner responsible for the management and control of the business.
b. It may have any number of limited partners.
c. It may have any number of general partners, though none can legally participate in the active management of the business.
d. It is not required to file any type of income tax return.
In a corporation business form:
a. assets are owned by the shareholders.
b. the owners and the business are considered a single entity.
c. shareholders have unlimited liability for debts of the business.
d. profits are retained in the corporation, with shareholders receiving dividends at the discretion of the board of directors.
The kind of stock and number of shares a corporation might intend to issue:
a. must be stated in the articles of incorporation.
b. are determined by the corporation’s board of directors following formation of the company.
c. are determined by a mix of market forces and growth goals of the corporation.
d. are established when the corporation is formed and cannot be changed
If a fire causes such damage to a hotel that it must close for repairs, the resulting loss of earning suffered may the covered by:
a. property damage insurance.
b. crime insurance
c. business interruption insurance.
d. liability insurance.
The question on the page originate from the summary of the following study material:
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