Corporations Are Generally Formed

question 18

Multiple Choice

Corporations are generally formed

• A)to have broad power to establish regulatory policy and to increase revenue for the government.
• B)to handle some of the functions required to keep the government running.
• C)to perform basic governmental functions, much like the essential cabinet departments.
• D)to provide staff assistance to the president, so that the president can devote time and attention to more pressing matters.
• E)to provide a service that is free from excessive interference by the president and Congress but is still subject to general policies established by the legislature.

---

Definitions:

Liabilities

Financial obligations or debts owed by a business to outside parties, which must be settled over time through the transfer of economic benefits.

Equity Section

Part of a company's balance sheet that represents the owners' share of the corporation, including retained earnings and issued stock.

Profit & Loss Statement

A financial statement that summarizes the revenues, costs, and expenses incurred during a specified period, typically a fiscal quarter or year.

Edit Pencil

This term likely refers to a tool or feature in software applications used for making amendments or corrections.