Question 1

Bonds represent the borrowing of funds by firms.

Accepted Answer

A) True 
 B)False

Question 2

Wild & Scenic River Tours, Inc., is a corporation.Wild & Scenic has the implied power to

Accepted Answer

A)  issue stocks and bonds.
B)  execute contracts and negotiable instruments.
C)  buy and sell (or lease)  property.
D)  perform all acts reasonably appropriate and necessary to accomplish its corporate purposes.E) C) and D)
F) A) and B)

Question 3

Officers hire the directors and other executive employees.

Accepted Answer

A) True 
 B)False

Question 4

Genna is a director of Fab Stuff Corporation.Without informing Fab, Genna starts up Evertrendy, Inc., to compete with Fab.Genna is liable for breach of

Accepted Answer

A)  no duty or rule
B)  the business judgment rule.
C)  the duty of loyalty.
D)  the right of participation.E) None of the above
F) A) and B)

Question 5

Ruby Red Restaurant Corporation is incorporated in South Carolina.In that state, Ruby Red is

Accepted Answer

A)  a domestic corporation.
B)  a foreign corporation.
C)  an alien corporation.
D)  a de jure corporation.E) None of the above
F) A) and C)

Question 6

The abbreviation "P.A." in the name "Painless Dental, P.A." means that this organization is

Accepted Answer

A)  a private association.
B)  a professional association.
C)  a public association.
D)  a publicly administered corporation.E) A) and C)
F) None of the above

Question 7

An S corporation is treated the same as a regular corporation for tax purposes.

Accepted Answer

A) True 
 B)False

Question 8

Zero Sum Games Corporation has forty-three shareholders.The minimum number that must be present at a meeting for a shareholders' vote is

Accepted Answer

A)  all of the shareholders.
B)  a quorum.
C)  a proxy.
D)  three of the shareholders.E) B) and C)
F) A) and D)

Question 9

In certain instances of fraud, a court may "pierce the corporate veil" to hold the shareholders individually liable.

Accepted Answer

A) True 
 B)False

Question 10

A corporation formed in another country but doing business in the United States is referred to in the United States as an alien corporation.

Accepted Answer

A) True 
 B)False

Question 11

Shareholders are the ultimate authority in every corporation.

Accepted Answer

A) True 
 B)False

Question 12

A corporation does not possess the same right of access to the courts as natural persons.

Accepted Answer

A) True 
 B)False

Exam 15: Corporations

A corporation does not possess the same right of access to the courts as natural persons.

Correct Answer
verified

Officers hire the directors and other executive employees.

Correct Answer
verified

Shareholders are the ultimate authority in every corporation.

Correct Answer
verified

Genna is a director of Fab Stuff Corporation.Without informing Fab, Genna starts up Evertrendy, Inc., to compete with Fab.Genna is liable for breach of

Correct Answer
verified

Bonds represent the borrowing of funds by firms.

Correct Answer
verified

Ruby Red Restaurant Corporation is incorporated in South Carolina.In that state, Ruby Red is

Correct Answer
verified

A corporation formed in another country but doing business in the United States is referred to in the United States as an alien corporation.

Correct Answer
verified

Zero Sum Games Corporation has forty-three shareholders.The minimum number that must be present at a meeting for a shareholders' vote is

Correct Answer
verified

Wild & Scenic River Tours, Inc., is a corporation.Wild & Scenic has the implied power to

Correct Answer
verified

An S corporation is treated the same as a regular corporation for tax purposes.

Correct Answer
verified

The abbreviation "P.A." in the name "Painless Dental, P.A." means that this organization is

Correct Answer
verified

In certain instances of fraud, a court may "pierce the corporate veil" to hold the shareholders individually liable.

Correct Answer
verified

Exam 15: Corporations

A corporation does not possess the same right of access to the courts as natural persons.

Correct AnswerverifiedShow Answer

Officers hire the directors and other executive employees.

Correct AnswerverifiedShow Answer

Shareholders are the ultimate authority in every corporation.

Correct AnswerverifiedShow Answer

Genna is a director of Fab Stuff Corporation.Without informing Fab, Genna starts up Evertrendy, Inc., to compete with Fab.Genna is liable for breach of

Correct AnswerverifiedShow Answer

Bonds represent the borrowing of funds by firms.

Correct AnswerverifiedShow Answer

Ruby Red Restaurant Corporation is incorporated in South Carolina.In that state, Ruby Red is

Correct AnswerverifiedShow Answer

A corporation formed in another country but doing business in the United States is referred to in the United States as an alien corporation.

Correct AnswerverifiedShow Answer

Zero Sum Games Corporation has forty-three shareholders.The minimum number that must be present at a meeting for a shareholders' vote is

Correct AnswerverifiedShow Answer

Wild & Scenic River Tours, Inc., is a corporation.Wild & Scenic has the implied power to

Correct AnswerverifiedShow Answer

An S corporation is treated the same as a regular corporation for tax purposes.

Correct AnswerverifiedShow Answer

The abbreviation "P.A." in the name "Painless Dental, P.A." means that this organization is

Correct AnswerverifiedShow Answer

In certain instances of fraud, a court may "pierce the corporate veil" to hold the shareholders individually liable.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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