Question 1

Like the bylaws of other corporations, the bylaws of Rocks, Paper & Scissors, Inc.,​

Accepted Answer

A)  ​establish the operating name of the corporation. 
B)  ​establish the value and classes of corporate stock. 
C)  ​were adopted at its first organizational meeting. 
D)  ​were submitted for approval to the public official in charge. 
A)  ​establish the operating name of the corporation. 
B)  ​establish the value and classes of corporate stock. 
C)  ​were adopted at its first organizational meeting. 
D)  ​were submitted for approval to the public official in charge.

Question 2

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. 
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.

Question 3

A court will not pierce the corporate veil of a corporation simply because it is too thinly capitalized.​

Accepted Answer

A) True 
 B)False

Question 4

Corporate officers are selected and removed by shareholders.​

Accepted Answer

A) True 
 B)False

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

A court will pierce the corporate veil of a corporation when the corporate privilege is abused for personal benefit.​

Accepted Answer

A) True 
 B)False

Question 7

Carlo is a director of Desserts Italiano, Inc. Carlo opposes a tender offer that is in the company's best interest because its acceptance would cost his position as a director. Carlo is most likely liable for a breach of​

Accepted Answer

A)  ​none of the choices. 
B)  ​the business judgment rule. 
C)  ​the duty of care. 
D)  ​the duty of loyalty. 
A)  ​none of the choices. 
B)  ​the business judgment rule. 
C)  ​the duty of care. 
D)  ​the duty of loyalty.

Question 8

Avery wants to go into business as Boom! to make and market fireworks. When deciding which form of business organization would be most appropriate, Avery would normally take into account all of the following except​

Accepted Answer

A)  ​the liability of the owners. 
B)  ​the forms of competitors' business organizations. 
C)  ​tax considerations. 
D)  ​the need for capital. 
A)  ​the liability of the owners. 
B)  ​the forms of competitors' business organizations. 
C)  ​tax considerations. 
D)  ​the need for capital.

Question 9

For shareholders to act during a shareholders' meeting, a quorum must be present.​

Accepted Answer

A) True 
 B)False

Question 10

Daryl, Elsa, and Ferris are the directors of Go Apps, Inc. Go also has four officers and fourteen shareholders. Dividends can be ordered by the firm's​

Accepted Answer

A)  ​board. 
B)  ​minority shareholders. 
C)  ​officers. 
D)  ​majority shareholders. 
A)  ​board. 
B)  ​minority shareholders. 
C)  ​officers. 
D)  ​majority shareholders.

Question 11

Ida and Jay are the directors of Keystone Property Management Inc. Lily and Mike are Keystone officers. Nina is a Keystone shareholder. The responsibility for the overall management of this firm rests with​

Accepted Answer

A)  Ida and Jay.​ 
B)  ​Lily and Mike. 
C)  ​Nina. 
D)  ​none of the parties. 
A)  Ida and Jay.​ 
B)  ​Lily and Mike. 
C)  ​Nina. 
D)  ​none of the parties.

Question 12

Directors can delegate work to corporate officers and employees.​

Accepted Answer

A) True 
 B)False

Question 13

Bea transfers shares of stock that she owns in Coin Laundry Corporation to Dick. A shareholders' meeting takes place before his ownership is entered in the firm's stock book. A vote at the meeting can be cast by​

Accepted Answer

A)  ​Bea and Dick. 
B)  ​Bea. 
C)  ​Dick. 
D)  ​none of the choices. 
A)  ​Bea and Dick. 
B)  ​Bea. 
C)  ​Dick. 
D)  ​none of the choices.

Question 14

As a general rule, shareholders are responsible for the daily management of a corporation.​

Accepted Answer

A) True 
 B)False

Question 15

Tech Talent, Inc., is a corporation. Techno Talent's implied powers enable it to​

Accepted Answer

A)  ​none of the choices. 
B)  ​depart significantly from traditional corporate formalities. 
C)  ​bind the corporation to an action that will greatly affect its purpose. 
D)  ​borrow funds and lend funds. 
A)  ​none of the choices. 
B)  ​depart significantly from traditional corporate formalities. 
C)  ​bind the corporation to an action that will greatly affect its purpose. 
D)  ​borrow funds and lend funds.

Question 16

Ann is a corporate officer for Blooming Flora, Inc. As a corporate officer, Ann is​

Accepted Answer

A)  ​the head of the board of directors. 
B)  ​an employee of the firm. 
C)  ​the employer of the firm. 
D)  ​in charge of approving the shareholders. 
A)  ​the head of the board of directors. 
B)  ​an employee of the firm. 
C)  ​the employer of the firm. 
D)  ​in charge of approving the shareholders.

Question 17

PrimarySource.com Corporation is a new online, textbook, and school supply business. How can PrimarySource.com obtain capital to finance its operations?​

Accepted Answer

Generally, to obtain capital, a corporat

Question 18

When deciding which form of business organization to choose, businesspersons normally take into account tax considerations.​

Accepted Answer

A) True 
 B)False

Question 19

The articles of incorporation can exclude or limit shareholders' voting rights.​

Accepted Answer

A) True 
 B)False

Question 20

In most states, an individual can be an officer or a director of a corporation, but not both at the same time.​

Accepted Answer

A) True 
 B)False

Like the bylaws of other corporations, the bylaws of Rocks, Paper & Scissors, Inc.,

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

A court will not pierce the corporate veil of a corporation simply because it is too thinly capitalized.

Corporate officers are selected and removed by shareholders.

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

A court will pierce the corporate veil of a corporation when the corporate privilege is abused for personal benefit.

Carlo is a director of Desserts Italiano, Inc. Carlo opposes a tender offer that is in the company's best interest because its acceptance would cost his position as a director. Carlo is most likely liable for a breach of

Avery wants to go into business as Boom! to make and market fireworks. When deciding which form of business organization would be most appropriate, Avery would normally take into account all of the following except

For shareholders to act during a shareholders' meeting, a quorum must be present.

Daryl, Elsa, and Ferris are the directors of Go Apps, Inc. Go also has four officers and fourteen shareholders. Dividends can be ordered by the firm's

Ida and Jay are the directors of Keystone Property Management Inc. Lily and Mike are Keystone officers. Nina is a Keystone shareholder. The responsibility for the overall management of this firm rests with

Directors can delegate work to corporate officers and employees.

Bea transfers shares of stock that she owns in Coin Laundry Corporation to Dick. A shareholders' meeting takes place before his ownership is entered in the firm's stock book. A vote at the meeting can be cast by

As a general rule, shareholders are responsible for the daily management of a corporation.

Tech Talent, Inc., is a corporation. Techno Talent's implied powers enable it to

Ann is a corporate officer for Blooming Flora, Inc. As a corporate officer, Ann is

PrimarySource.com Corporation is a new online, textbook, and school supply business. How can PrimarySource.com obtain capital to finance its operations?

When deciding which form of business organization to choose, businesspersons normally take into account tax considerations.

The articles of incorporation can exclude or limit shareholders' voting rights.

In most states, an individual can be an officer or a director of a corporation, but not both at the same time.

Law and Legal Reasoning

Business and the Constitution

Courts and Alternative Dispute Resolution

Tort Law

Criminal Law and Cyber Crime

Business Ethics

Nature and Terminology

Agreement in Traditional and E-Contracts

Consideration, Capacity, and Legality

Defenses to Contract Enforceability

Third Party Rights and Discharge

Breach of Contract and Remedies

Intellectual Property Rights

Internet Law, Social Media, and Privacy

The Formation of Sales and Lease Contracts

Performance, Breach, and Warranties of Sales and Lease Contracts

Agency Relationships in Business

Small Businesses and Limited Liability Companies

Filters

Exam 19: Corporations

Like the bylaws of other corporations, the bylaws of Rocks, Paper & Scissors, Inc.,​

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​

A court will not pierce the corporate veil of a corporation simply because it is too thinly capitalized.​

Corporate officers are selected and removed by shareholders.​

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

A court will pierce the corporate veil of a corporation when the corporate privilege is abused for personal benefit.​

Carlo is a director of Desserts Italiano, Inc. Carlo opposes a tender offer that is in the company's best interest because its acceptance would cost his position as a director. Carlo is most likely liable for a breach of​

Avery wants to go into business as Boom! to make and market fireworks. When deciding which form of business organization would be most appropriate, Avery would normally take into account all of the following except​

For shareholders to act during a shareholders' meeting, a quorum must be present.​

Daryl, Elsa, and Ferris are the directors of Go Apps, Inc. Go also has four officers and fourteen shareholders. Dividends can be ordered by the firm's​

Ida and Jay are the directors of Keystone Property Management Inc. Lily and Mike are Keystone officers. Nina is a Keystone shareholder. The responsibility for the overall management of this firm rests with​

Directors can delegate work to corporate officers and employees.​

Bea transfers shares of stock that she owns in Coin Laundry Corporation to Dick. A shareholders' meeting takes place before his ownership is entered in the firm's stock book. A vote at the meeting can be cast by​

As a general rule, shareholders are responsible for the daily management of a corporation.​

Tech Talent, Inc., is a corporation. Techno Talent's implied powers enable it to​

Ann is a corporate officer for Blooming Flora, Inc. As a corporate officer, Ann is​

PrimarySource.com Corporation is a new online, textbook, and school supply business. How can PrimarySource.com obtain capital to finance its operations?​

When deciding which form of business organization to choose, businesspersons normally take into account tax considerations.​

The articles of incorporation can exclude or limit shareholders' voting rights.​

In most states, an individual can be an officer or a director of a corporation, but not both at the same time.​

Law and Legal Reasoning

Business and the Constitution

Courts and Alternative Dispute Resolution

Tort Law

Criminal Law and Cyber Crime

Business Ethics

Nature and Terminology

Agreement in Traditional and E-Contracts

Consideration, Capacity, and Legality

Defenses to Contract Enforceability

Third Party Rights and Discharge

Breach of Contract and Remedies

Intellectual Property Rights

Internet Law, Social Media, and Privacy

The Formation of Sales and Lease Contracts

Performance, Breach, and Warranties of Sales and Lease Contracts

Agency Relationships in Business

Small Businesses and Limited Liability Companies

Filters

Like the bylaws of other corporations, the bylaws of Rocks, Paper & Scissors, Inc.,

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

A court will not pierce the corporate veil of a corporation simply because it is too thinly capitalized.

Corporate officers are selected and removed by shareholders.

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

A court will pierce the corporate veil of a corporation when the corporate privilege is abused for personal benefit.

Carlo is a director of Desserts Italiano, Inc. Carlo opposes a tender offer that is in the company's best interest because its acceptance would cost his position as a director. Carlo is most likely liable for a breach of

Avery wants to go into business as Boom! to make and market fireworks. When deciding which form of business organization would be most appropriate, Avery would normally take into account all of the following except

For shareholders to act during a shareholders' meeting, a quorum must be present.

Daryl, Elsa, and Ferris are the directors of Go Apps, Inc. Go also has four officers and fourteen shareholders. Dividends can be ordered by the firm's

Ida and Jay are the directors of Keystone Property Management Inc. Lily and Mike are Keystone officers. Nina is a Keystone shareholder. The responsibility for the overall management of this firm rests with

Directors can delegate work to corporate officers and employees.

Bea transfers shares of stock that she owns in Coin Laundry Corporation to Dick. A shareholders' meeting takes place before his ownership is entered in the firm's stock book. A vote at the meeting can be cast by

As a general rule, shareholders are responsible for the daily management of a corporation.

Tech Talent, Inc., is a corporation. Techno Talent's implied powers enable it to

Ann is a corporate officer for Blooming Flora, Inc. As a corporate officer, Ann is

PrimarySource.com Corporation is a new online, textbook, and school supply business. How can PrimarySource.com obtain capital to finance its operations?

When deciding which form of business organization to choose, businesspersons normally take into account tax considerations.

The articles of incorporation can exclude or limit shareholders' voting rights.

In most states, an individual can be an officer or a director of a corporation, but not both at the same time.