简答题A balance sheet portrays the value of a firm's assets and liabilities: A、over an annual period. B、over any stated period of time. C、at any stated point in time. D、only at the end of the calendar year.简答题The legal "life" of a corporation is: A、coincidental with that of its CEO B、equal to the life of its board of directors C、permanent, as long as shareholders don't change. D、permanent, regardless of current ownership简答题The primary goal of corporate management should be to: A、maximize the number of shareholders B、maximize the firm's profits C、minimize the firm's costs D、maximize the shareholders' wealth简答题In general, what is changing as you read down the left-hand side of a balance sheet? A、The assets are becoming more fully depreciated. B、The assets are increasing in value. C、The assets are increasing in maturity. D、The assets are becoming less liquid.简答题In a partnership form of organization, income tax liability, if any, is incurred by: A、the partnership itself. B、the partners individually. C、both the partnership and the partners. D、neither the partnership nor the partners.简答题"Double taxation" refers to: A、all partners paying equal taxes on profits B、corporations paying taxes on both dividends and retained earnings C、paying taxes on profits at the corporate level and dividends at the personal level D、the fact that marginal tax rates are doubled for corporations简答题Retained earnings result from: A、the sale of additional shares of stock to investors. B、income not paid to shareholders C、an excess of assets over liabilities. D、market values that exceed book values简答题When a corporation fails, the maximum that can be lost by an individual shareholder is: A、the amount of their initial investment B、the amount of their share of the profits C、their proportionate share required to pay the corporation's debts D、the amount of their personal wealth简答题In which of the following organizations would agency problems be least likely to occur? A、A sole proprietorship B、A partnership C、A corporation D、A closely held corporation简答题A manager's compensation plan that offers financial incentives for increases in quarterly profitability may create agency problems in that: A、the managers are not motivated by personal gain. B、the board of directors may claim the credit. C、short-term, not long-term profits become the focus. D、investors desire stable profits.