Question 1

The executive officers represent the ultimate authority in every corporation.

Accepted Answer

A) True 
 B)False

Question 2

Each director present at a board meeting has one vote.

Accepted Answer

A) True 
 B)False

Question 3

A director must abstain from voting on a proposed transaction in which he or she has a personal interest.

Accepted Answer

A) True 
 B)False

Question 4

Not all directors have a right to access a corporation's books and records,facilities,and premises.

Accepted Answer

A) True 
 B)False

Question 5

Corporate directors and officers are insurers of business success.

Accepted Answer

A) True 
 B)False

Question 6

Sean is the incorporator of Twisty Pretzels Corporation.Ross is a shareholder,Phyllis is a director,and Velma is an officer.The day-to-day operations of Twisty are overseen by​

Accepted Answer

A)  Velma.
B)  Ross.
C)  Sean.
D)  Phyllis.E) A) and D)
F) All of the above

Question 7

With preemptive rights,shareholders can preempt the decisions of directors and officers with respect to corporate policy.

Accepted Answer

A) True 
 B)False

Question 8

If a corporation has S corporation status,it must pay income taxes at the corporate level.

Accepted Answer

A) True 
 B)False

Question 9

In many states,close corporations have more flexibility in determining their rules of operation.

Accepted Answer

A) True 
 B)False

Question 10

Corporate officers can normally be removed by the board of directors without cause.

Accepted Answer

A) True 
 B)False

Question 11

Jen and Kay would like to form Lunch Garden,Inc. ,to enter the food vending business.Most likely,the articles of incorporation for the firm will not include​

Accepted Answer

A)  the corporate name.
B)  the name and address of a registered agent.
C)  the number of shares that the corporation is authorized to issue.
D)  the minutes of the first organizational meeting.E) A) and B)
F) A) and D)

Question 12

Bay City Merchants Corporation has six shareholders,four of whom are members of the same family.All of Bay City's shareholders agree in writing to operate without shareholders' meetings.This most likely warrants​

Accepted Answer

A)  no penalties or sanctions.
B)  the imposition of a fine on Bay City.
C)  the imprisonment of Bay City's shareholders.
D)  the piercing of Bay City's corporate veil.E) A) and D)
F) A) and C)

Exam 18: Corporations

Corporate directors and officers are insurers of business success.

Correct Answer
verified

Corporate officers can normally be removed by the board of directors without cause.

Correct Answer
verified

A director must abstain from voting on a proposed transaction in which he or she has a personal interest.

Correct Answer
verified

If a corporation has S corporation status,it must pay income taxes at the corporate level.

Correct Answer
verified

In many states,close corporations have more flexibility in determining their rules of operation.

Correct Answer
verified

The executive officers represent the ultimate authority in every corporation.

Correct Answer
verified

Not all directors have a right to access a corporation's books and records,facilities,and premises.

Correct Answer
verified

Sean is the incorporator of Twisty Pretzels Corporation.Ross is a shareholder,Phyllis is a director,and Velma is an officer.The day-to-day operations of Twisty are overseen by

Correct Answer
verified

Jen and Kay would like to form Lunch Garden,Inc. ,to enter the food vending business.Most likely,the articles of incorporation for the firm will not include

Correct Answer
verified

Bay City Merchants Corporation has six shareholders,four of whom are members of the same family.All of Bay City's shareholders agree in writing to operate without shareholders' meetings.This most likely warrants

Correct Answer
verified

Each director present at a board meeting has one vote.

Correct Answer
verified

With preemptive rights,shareholders can preempt the decisions of directors and officers with respect to corporate policy.

Correct Answer
verified

Exam 18: Corporations

Corporate directors and officers are insurers of business success.

Correct AnswerverifiedShow Answer

Corporate officers can normally be removed by the board of directors without cause.

Correct AnswerverifiedShow Answer

A director must abstain from voting on a proposed transaction in which he or she has a personal interest.

Correct AnswerverifiedShow Answer

If a corporation has S corporation status,it must pay income taxes at the corporate level.

Correct AnswerverifiedShow Answer

In many states,close corporations have more flexibility in determining their rules of operation.

Correct AnswerverifiedShow Answer

The executive officers represent the ultimate authority in every corporation.

Correct AnswerverifiedShow Answer

Not all directors have a right to access a corporation's books and records,facilities,and premises.

Correct AnswerverifiedShow Answer

Sean is the incorporator of Twisty Pretzels Corporation.Ross is a shareholder,Phyllis is a director,and Velma is an officer.The day-to-day operations of Twisty are overseen by​

Correct AnswerverifiedShow Answer

Jen and Kay would like to form Lunch Garden,Inc. ,to enter the food vending business.Most likely,the articles of incorporation for the firm will not include​

Correct AnswerverifiedShow Answer

Bay City Merchants Corporation has six shareholders,four of whom are members of the same family.All of Bay City's shareholders agree in writing to operate without shareholders' meetings.This most likely warrants​

Correct AnswerverifiedShow Answer

Each director present at a board meeting has one vote.

Correct AnswerverifiedShow Answer

With preemptive rights,shareholders can preempt the decisions of directors and officers with respect to corporate policy.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Sean is the incorporator of Twisty Pretzels Corporation.Ross is a shareholder,Phyllis is a director,and Velma is an officer.The day-to-day operations of Twisty are overseen by

Correct Answer
verified

Jen and Kay would like to form Lunch Garden,Inc. ,to enter the food vending business.Most likely,the articles of incorporation for the firm will not include

Correct Answer
verified

Bay City Merchants Corporation has six shareholders,four of whom are members of the same family.All of Bay City's shareholders agree in writing to operate without shareholders' meetings.This most likely warrants

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified