1. Which activity is part of the operating cycle?
a. Buying property, plant and equipment
b. Selling goods and services
c. Issuing new shares
d. Negotiating a long-term note, payable to a bank
2. Public corporations are businesses:
a. whose stock is bought and sold privately.
b. where stock is not used as evidence of ownership.
c. whose stock is bought and sold on a stock exchange.
d. owned by two or more people, each of whom is personally liable for the debts of the business.