30 A _____ is a legal entity whose assets and liabilities are separate from that of its owners'. It can also enter into contracts with individuals or with other legal entities.

Select one:

a. limited partnership

b. corporation

c. general partnership

d. sole proprietorship

31 In a company, machinery is purchased with a bank credit with 2 year-terms. Which of the accounts are used for this transaction?

Select one:

a. Fixed Assets Long-term Liabilities

b. Fixed Assets Short-term Liabilities

c. Current Assets Short-term Liabilities

d. Current Assets Long-term Liabilities

32 The organizing function of management includes _________________.

Select one:

a. how tasks are to be grouped

b. comparison of actual results with a budget

c. definition of an organizations goals

d. conflict resolution among subordinates