What is the most common type of firm in Canada and the world?
Question 12 options:
| sole proprietorships | |
| partnerships | |
| limited partnerships | |
| corporations | |
| limited liability partnerships |
Question 13 (2 points)
Joe is a general partner in a limited partnership firm, while Jane is a limited partner in that same firm. Which of the following statements regarding their respective relationships to the firm is correct?
Question 13 options:
| Joe has no management authority within the partnership. | |
| Jane is legally involved in the managerial decision making of the firm. | |
| Jane's liability for the firm's debts consists solely of her investment in the firm. | |
| Withdrawal of Jane from the partnership will dissolve that partnership. | |
| Jane's liability consists of all the firm's outstanding debts. |
Katie owns 12.5% of the stock of the Gimli Corporation. The tax rate on dividend income is 24%. If Gimli makes a dividend payment of $25,000,000 paid proportionally to its shareholders, how much of this amount would Katie receive after taxes?
Question 14 options:
| $750,000 | |
| $2,375,000 | |
| $3,125,000 | |
| $6,000,000 | |
| $19,000,000 |
