Exam 16: Corporations and the Sarbanes-Oxley Act

Which of the following best defines a surviving corporation?

A corporation can be incorporated into several states.

Corporation codes regulate the formation, operation, and dissolution of corporations.

Owners of a corporation who elect the board of directors and vote on fundamental changes in the corporation are known as ________.

Issued shares that have been repurchased by the corporation are referred to as ________.

A member of the board of directors who is also an officer of the corporation is known as a(n)________.

The registered office in the articles of incorporation must be the same as the corporation's place of business.

Which of the following is true of shareholders?

An S corporation must pay federal income tax at the corporate level.

________ is the basic governing documents of a corporation which must be filed with the secretary of state of the state of incorporation.

Amendments to the articles of incorporation must be filed with the secretary of state of the state of incorporation.

A(n)________ is a situation in which one corporation is absorbed into another corporation and ceases to exist.

The buy-and-sell agreement allows shareholders to sell their shares to people other than fellow shareholders or the corporation.

Which of the following is true for a corporation's incorporation in a state?

An S corporation must pay federal income tax at the corporate level.

Dissolution of a corporation that has begun business or issued shares upon recommendation of the board of directors and a majority vote of the shares entitled to vote is known as ________.

A person or corporation that is empowered to accept service of process on behalf of a corporation is referred to as a(n)________.

A C corporation pays taxes at the corporate level and the shareholder level.

A corporation that uses subsidiary corporations to operate in more than one country cannot be termed as a multinational corporation.

The ________ Act of 2002 is a federal statute enacted by Congress to improve corporate governance.