An Introduction to the Foundation of Financial Management
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| Maximization of shareholder wealth or the maximization of the price of the price of the existing common stock. | Goal of the Firm
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| A business owned by a single individual. | Sole Proprietorship
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| A partnership in which all partners are fully liable for the indebtedness incurred by the partnership. | General Partnership
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| A partnership in which one or more of the partners has limited liability,; restricted to the amount of capital he or she invests in the partnership. | Limited Partnership
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| An entity that legally functions separate and apart from its owners. | Corporation
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| A corporation that, because of specific qualifications, is taxed as though it were a partnership. | S-Type Corporation
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| A cross between a partnership and a corporation under which the owners retain limited liability but the company is run and is taxed like a partnership. | Limited Liability Corporation
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| A firm's dollar sales from its product or services less the cost of producing or acquiring them. | Gross Income
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| Operating Income
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| Gross income from all sources, except for allowable exclusions, less any tax-deductible expenses. | Taxable Income
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| Dividend Exclusion
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| The means by which an asset's value is expensed over its useful life for federal income tax purposes. | Depreciation
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| Defined by the revenue code, a gain or loss resulting from the sale or exchange of a capital asset. | Capital Gain/Loss
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| Net Capital Loss Carrback/Carryforward
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| A tax provision that permits the taxpayer first to apply loss against the profits earned in the 2 prior years. | Net Opertaing Loss Carryback
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| If the loss has not been completely absorbed by the profits in these 2 years, it may be applied to taxable profits in each of the 20 following years. | Net Opertaing Loss Carryforward
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Created by:
Wilkins188
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