The Number of Cases Filed in the Supreme Court

question 31

Multiple Choice

The number of cases filed in the Supreme Court

• A)has increased dramatically since 1940.
• B)has remained the same since 1940.
• C)increased between 1940 and 1965 but has decreased since 1965.
• D)decreased between 1940 and 1965 but has increased since 1965.

Understand the legal consequences of business entities’ actions, including liability for acts that contribute to harm or breach of duties.

Recognize the taxation options and consequences for LLCs and the implications for federal and state taxes.

Understand the rights and responsibilities of members in a business entity, including voting rights, profit distribution, and the impact of dissociation.

Understand the concept and purposes of cooperative business organizations.

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Definitions:

Income Tax Rate

The percentage at which an individual or corporation is taxed on their income.

Straight-Line Method

A method of calculating depreciation of an asset, which assumes the asset will lose an equal amount of value each year over its useful life.

Discount on Bonds Payable

Discount on bonds payable represents the difference between the face value of a bond and its selling price, when the bond is sold for less than its face value.

Premium on Bonds Payable

The excess of a bond's selling price over its principal amount.