Match the Following Items with the Statements That Follow

question 22

Multiple Choice

Match the following items with the statements that follow. Terms may be used more than once.
-Carries over to new corporations in a split-up reorganization.

• A)Boot
• B)Business credits
• C)Capital gain
• D)Continuity of business enterprise
• E)Continuity of interest
• F)Dividend
• G)Discount rate
• H)Earnings and profits
• I)Federal long-term tax-exempt rate
• J)Liability assumption
• K)Ordinary gain
• L)Ownership change
• M)Section 382 limitation
• N)Sound business purpose
• O)Step transaction

Grasp the significance of deliberate practice in mastering entrepreneurship skills.

Acknowledge the importance of family-owned businesses in the U.S. economy.

Identify the various costs associated with franchising a business.

Understand the role of deliberate practice in achieving high performance in entrepreneurship.

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Definitions:

Crystallized Intelligence

Skills and knowledge acquired over the course of one’s lifetime based on formal learning and experiences, which does not decrease over time.

Biopsychological Potential

The capacity for behavioral or mental functioning, given both biological (genetic, neurological) and psychological (emotional, cognitive) factors.

Cultural Setting

The environment, including social norms and practices, that is shaped by the cultural background of a group or community.

Hierarchical Model

A system of organization where entities are ranked one above the other according to status or authority.