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Finance_1

An Introduction to the Foundation of Financial Management

QuestionAnswer
Maximization of shareholder wealth or the maximization of the price of the price of the existing common stock. Goal of the Firm
A business owned by a single individual. Sole Proprietorship
A partnership in which all partners are fully liable for the indebtedness incurred by the partnership. General Partnership
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
An entity that legally functions separate and apart from its owners. Corporation
A corporation that, because of specific qualifications, is taxed as though it were a partnership. S-Type Corporation
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
A firm's dollar sales from its product or services less the cost of producing or acquiring them. Gross Income
Operating Income
Gross income from all sources, except for allowable exclusions, less any tax-deductible expenses. Taxable Income
Dividend Exclusion
The means by which an asset's value is expensed over its useful life for federal income tax purposes. Depreciation
Defined by the revenue code, a gain or loss resulting from the sale or exchange of a capital asset. Capital Gain/Loss
Net Capital Loss Carrback/Carryforward
A tax provision that permits the taxpayer first to apply loss against the profits earned in the 2 prior years. Net Opertaing Loss Carryback
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
Created by: Wilkins188
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