Question 11 (4 points) What is a key difference between a long-term debt and a short-term debt? 1) Less than a year vs longer than one year 2) Interest rate 3) Short-term debt does not require a personal guarantee O4) One is found in the balance sheet and the other in the income statement 5) All of the answers are incorrect Question 12 (4 points) In order to maintain control it is imperative that the entrepreneur retain at least 51% of the company. 1) True 2) False Question 13 (4 points) Stock, equity contribution and retained earnings are found in the liability section of a company's balance sheet. 1) True O2) False Question 14 (4 points) The entrepreneur's equity stake should come from his/her hard work in starting and growing the company, not the money they put in the business. This is called receiving money from friends and family. 1) True 2) False