sole proprietorship ____________________________________________________________________________________________________________________________________________________________ ____________________________________________________________________________________________________________________________________________________________ ____________________________________________________________________________________________________________________________________________________________ question 3 4ptsfranchise list 2 B u s i n e s s F i n a n c e

Estate Planning – What is it?Probate –

What is Probate?–

At what dollar amount does California Probate begin? What is the cost of Probate on a $2MM dollar estate?

What Assets do not have to go through Probate?

What is an Executor? What is a Guardian? What is the difference?

What is a Conservator?

What is a Beneficiary Form (Insurance, Retirement Plans, etc.)

Estate Planning to Avoid Probate –

What is a Revocable Living Trust?

Who can have one?

What is a Trustee?

Who should be the Trustee?

What assets can be owned in/by the Living Trust?

In California, what is the benefit of having a Living Trust over a Will?

What is a Pour-Over Will?

What is a California Advanced Health Care Directive/ At what age should I have one?

What is a Durable Power of Attorney? At what age should I have one?

10.What is the difference between a General Power of Attorney and a Durable Power of Attorney?

Personal Application –

What planning should my parents have for their estate and assets?

What basic document should I have in place?

By the end of the program students will be able:

Explain the major theoretical concepts in the functional areas of accounting, marketing, finance and management

Evaluate the relationship between legal, social and economic environments

Describe the global business environment

Describe and explain the ethical obligations and responsibilities of business

Apply modeling and decision-support tools to business decision-making

Construct and present effective oral and written forms of professional communication

Apply knowledge of business concepts and functions in an integrated manner.

Business Law – Final Exam Business 251 2: Legal Environment of BusinessWednesdaysCredits 3.0_______________________________Instructor: Dr. HessPrint Student NameFinal______________________________Student SignatureThe purpose of an exam is to test the progress and knowledge of a student against the course material being taught. The exam is the opportunity for the student to display their level of proficiency and to be graded accordingly. A Final Review was scheduled, communicated and subsequently was given by this Instructor to provide clarity as to the areas of Business Law that would be tested. Those students attending the Final Review were provided with a summary to prepare for the Final.From Page 16, of the CUI Student Handbook – “DefinitionsHonesty in the performance of academic assignments is essential to the mastery of asubject and intellectual development. The responsibility for such honesty rests withthe individual student. To help members of the community recognize academicdishonesty, the definitions are listed:“Cheating:? Cheating is presenting someone else’s work as one’s own.? Cheating is knowingly giving, receiving, acquiring or possessinginformation used for academic evaluation, including tests, term papers,written projects, etc., which has deception as its intent.”Question 1 – 3ptsList 3 of the 6 Advantages of a Sole Proprietorship

____________________________________________________________________________________________________________________________________________________________

Question 2 3ptsList 3 Disadvantages of a Sole Proprietorship

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Question 3 4ptsFranchise List 2 of the 3 types of Franchises and provide an example

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Question 4 3ptsList 3 of the 6 major issues that will be addressed in a Franchise Contract

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Question 5 2ptsHow is a Partnership Treated from a Tax perspective? Select One

Taxed at the entity level and at the individual partnership level

Taxed as a Pass-through to the individual partners

Taxed on income at the partnership level and profits at the individual level

It can elect to be taxed as either a corporation or as a partnership

Question 6 2ptsDescribe the purposes of a Partnership Buy-Sell Agreement ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Question 7 2ptsAn LLC is considered a hybrid form of structure because:____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Question 8 2ptsHow is an LLC taxed? Select one

Taxed at the entity level and at the individual partnership level

Taxed as a Pass-through to the individual partners

Taxed on income at the partnership level and profits at the individual level

It can elect to be taxed as either a corporation or as a partnership

Question 9 3ptsList 3 Advantages of an LLC

____________________________________________________________________________________________________________________________________________________________

Question 10 2ptsList the main disadvantage of an LLC ________________________________________________________________________________________________________________________________________________________________________Question 11 4ptsName 4 of the 6 main Classifications of Corporations

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Question 12 4ptsList the 4 primary steps for Incorporation Fill in the blanks

Selection of ________________________________

Secure a ___________________________________

Prepare the ________________________________

File the ____________________________________

Question 13 4ptsList and Define 2 of the 4 ways to form an Agency Relationship

____________________________________

Question 14 – 3ptsDefine the 3 types of Agent Authority

Express – __________________________________________________________________________________________________________________________________________________________________

Implied –

__________________________________________________________________________________________________________________________________________________________________

Apparent –

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sole proprietorship question 3 4ptsfranchise list 2 B u s i n e s s F i n a n c e

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