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OACETT IEPPE Exam Dumps - Actual Questions Answers


IEPPE practice test questions answers

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OACETT IEPPE Last Week Results!

10

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OACETT IEPPE

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IEPPE Questions and Answers

Question # 1

Brown and Green have a concept for a new survey measuring instrument based on their many years in the Civil Survey field. They want to establish a business to raise capital, design, manufacture, and market this new instrument. Both Brown and Green are well established, are in their mid-50s, and have no family members who would be prepared to take over the business when they are ready to retire in about 10 years.

What form of business would they choose if they wanted to ensure their personal assets would be available when they are ready to retire?

A.

A limited liability partnership

B.

A partnership

C.

A sole proprietorship

D.

A corporation

Question # 2

Brown and Green have a concept for a new survey measuring instrument based on their many years in the Civil Survey field. They want to establish a business to raise capital, design, manufacture, and market this new instrument. Both Brown and Green are well established, are in their mid-50s, and have no family members who would be prepared to take over the business when they are ready to retire in about 10 years.

In your opinion, is there justification for starting up with one business form and converting to another form later?

A.

Yes, there is justification for starting up with one business and converting to another form because it provides the owners with interesting variety.

B.

No, there is no justification for starting up with one business form and converting to another form because it is too expensive.

C.

Yes, starting out as a partnership might be the easiest/cheapest way to get the business started and it could be switched to a corporation for liability protection and tax advantages when growth begins.

D.

No, it is bad business practice to change the form in which a business is being operated as it creates confusion among clients and suppliers.

Question # 3

Brown and Green have a concept for a new survey measuring instrument based on their many years in the Civil Survey field. They want to establish a business to raise capital, design,manufacture, and market this new instrument. Both Brown and Green are well established, are in their mid-50s, and have no family members who would be prepared to take over the business when they are ready to retire in about 10 years.

What form of business would the two entrepreneurs choose if they wanted the easiest and lowest-cost way to get it off the ground?

A.

A corporation

B.

A sole proprietorship

C.

A partnership

D.

A joint venture

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