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Finance_1
An Introduction to the Foundation of Financial Management
| Question | Answer |
|---|---|
| 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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