Question 1

What is the operational distinction between the finance function and the accounting function?

Accepted Answer

finance manages money. while accounting records and reports money transactions

Question 2

Contrast the liability of a general partner with that of a limited partner in a Limited Partnership (LP)

Accepted Answer

a general partner has unlimited personal liability. a limited partner can only lose their investment

Question 3

Explain the concept of 'double taxation' as it applies to C-Corporations.

Accepted Answer

a C- Corporation pays tax on its profits, and shareholders pay tax again on dividends

Question 4

Differentiate between a company's Vision statement and its Mission statement.

Accepted Answer

Vision statement: outlines its aspirational long-term future. 
Mission statement: details its purpose and daily operational actions

Question 5

List four personal characteristics commonly associated with successful entrepreneurs.

Accepted Answer

Persistence, calculated risk-taking, self-confidence, goal-orientation, 
creativity, and problem-solving.

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