Several Individuals Acquire Assets on Behalf of Skip Corporation on May

question 7

Multiple Choice

Several individuals acquire assets on behalf of Skip Corporation on May 28, 2012, purchased assets on June 3, 2012, and began business on June 11, 2012.They subscribe to shares of stock, file articles of incorporation for Skip, and become shareholders on June 21, 2012.The S election must be filed no later than 2 1/2 months after:

• A)May 28, 2012.
• B)June 3, 2012.
• C)June 11, 2012.
• D)June 21, 2012.
• E)December 31, 2012.

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Definitions:

Push System

A type of inventory control system where products are manufactured or acquired based on forecasted demand, pushing products towards the consumer without immediate demand signals.

JIT

Just-In-Time, a production strategy aimed at reducing in-process inventory and associated carrying costs by producing and delivering products just as they are needed.

Service Organizations

Entities that primarily offer intangible goods to consumers through the provision of services instead of physical products.

Competitive Advantage

The attributes that allow an organization to outperform its competitors, such as cost, product differentiation, and market access.