PACE Exam Questions and Answers

PACE Exam Questions and Answers ( )
Question 1: What are assets?
CORRECT ANSWER: resources controlled by
company
Question 2: What are the basic elements of a balance
sheet?
CORRECT ANSWER: assets
liabilities
stockholder equity
Question 3: What is a sole proprietorship?
CORRECT ANSWER: 1 person owning company
Question 4: What is a partnership?
CORRECT ANSWER: 2 or more owners
Question 5: What is a corporation?

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