QUESTION: 241

Michael Cohn is a "member" (a type of owner) of a marine supply business. Michael's business is:

A sole proprietorship
A corporation
A limited liability company
A general partnership

Answer(s): C

QUESTION: 242

The Counting House, Inc., purchased 5-year property class equipment for $60, 000. It uses the MACRS method of depreciation. What is tax depreciation for the second year of the asset's life?

$12, 000
$19, 200
$20, 000
$24, 000

Answer(s): B

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QUESTION: 243

A 30-year bond issued by Gary's Plaid Pants Warehouse, Inc., in 1997 would now trade in the:

Primary money market
Secondary money market
Primary capital market
Secondary capital market

Answer(s): D

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QUESTION: 244

A corporation in which you are a shareholder has just gone bankrupt. Its liabilities are far in excess of its assets. You will be called on to pay:

A proportionate share of bondholder claims based on the number of common shares that you own.
A proportional share of all creditor claims based on the number of common shares that you own.
An amount that could, at most, equal what you originally paid for the shares of common stock in the corporation.
None of these

Answer(s): D

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Free CTFA Exam Braindumps (page: 61)

QUESTION: 241

QUESTION: 242

QUESTION: 243

QUESTION: 244