Under the corporate form of business organization

1. Under the corporate form of business organization a. a stockholder is personally liable for the debts of the corporation. b. stockholders’ acts can bind the corporation even though the stockholders have not been appointed as agents of the corporation. c. the corporation’s life is stipulated in its charter. d. stockholders wishing to sell their corporation shares must get the approval of other stockholders. 2 Stockholders of a corporation directly elect a. the president of the corporation. b. the board of directors. c. the treasurer of the corporation. d. all of the employees of the corporation. 3 Those most responsible for the major policy decisions of a corporation are the a. stockholders. b. board of directors. c. management. d. employees. 4 The chief accounting officer in a company is known as the a. controller. b. treasurer. c. vice-president. d. president. 5 Which one of the following would not be considered an advantage of the corporate form of organization? a. Limited liability of stockholders. b. Separate legal existence. c. Continuous life. d. Government regulation. 6 The two ways that a corporation can be classified by purpose are a. general and limited. b. profit and not-for-profit. c. state and federal. d. publicly held and privately held. 7 The two ways that a corporation can be classified by ownership are a. publicly held and privately held. b. stock and non-stock. c. inside and outside. d. majority and minority. 8 Which of the following would not be true of a privately held corporation? a. It is sometimes called a closely held corporation. b. Its shares are regularly traded on the New York Stock Exchange.c. It does not offer its shares for sale to the general public. d. It is usually smaller than a publicly held company. 9 Which of the following is not true of a corporation? a. It may buy, own, and sell property. b. It may sue and be sued. c. The acts of its owners bind the corporation. d. It may enter into binding legal contracts in its own name. 10 Jason Hansen has invested $600,000 in a privately held family corporation. The corporation does not do well and must declare bankruptcy. What amount does Hansen stand to lose? a. Up to his total investment of $600,000. b. Zero. c. The $600,000 plus any personal assets the creditors demand. d. $400,000. 11 Which of the following statements reflects the transferability of ownership rights in a corporation? a. If a stockholder decides to transfer ownership, he must transfer all of his shares. b. A stockholder may dispose of part or all of his shares. c. A stockholder must obtain permission of the board of directors before selling shares. d. A stockholder must obtain permission from at least three other stockholders before selling shares. 12 A corporate board of directors does not generally a. select officers. b. formulate operating policies. c. declare dividends. d. execute policy. 13 The officer that is generally responsible for maintaining the cash position of the corporation is the a. controller. b. treasurer. c. cashier. d. internal auditor. 14 The ability of a corporation to obtain capital is a. enhanced because of limited liability and ease of share transferability. b. less than a partnership. c. restricted because of the limited life of the corporation. d. about the same as a partnership. 15 Which of the following statements concerning taxation is accurate? a. Partnerships pay state income taxes but not federal income taxes. b. Corporations pay federal income taxes but not state income taxes. c. Corporations pay federal and state income taxes. d. Only the owners must pay taxes on corporate income.   16 Which of the following statements is not considered a disadvantage of the corporate form of organization? a. Additional taxes. b. Government regulations. c. Limited liability of stockholders. d. Separation of ownership and management. 17 A disadvantage of the corporate form of organization is a. professional management. b. tax treatment. c. ease of transfer of ownership. d. lack of mutual agency. 18 A disadvantage of the corporate form of business is a. its status as a separate legal entity. b. continuous existence. c. government regulation. d. ease of transfer of ownership. 19 Which of the following phrases is not descriptive of the corporate form of business? a. Professional management. b. Double taxation on distributed earnings. c. Unlimited liability. d. Continuous existence. 20 Which one of the following is not an ownership right of a stockholder in a corporation? a. To vote in the election of directors. b. To declare dividends on the common stock. c. To share in assets upon liquidation. d. To share in corporate earnings.

Get 20% Discount on The assignment
Pages (550 words)
Approximate price: -

Try it now!

Get 20% Discount on The Assignment

We'll send you the first draft for approval by at
Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

EssayBrill has stood as the world’s leading custom essay writing services providers. Once you enter all the details in the order form under the place order button, the rest is up to us.

Essays

Essay Writing Services

At EssayBrill, we prioritize on all aspects that bring about a good grade such as impeccable grammar, proper structure, zero-plagiarism and conformance to guidelines. Our experienced team of writers will help you completed your essays and other assignments.

Admissions

Admission and Business Papers

Be assured that you’ll definitely get accepted to the Master’s level program at any university once you enter all the details in the order form. We won’t leave you here; we will also help you secure a good position in your aspired workplace by creating an outstanding resume or portfolio once you place an order.

Editing

Editing and Proofreading

Our skilled editing and writing team will help you restructure you paper, paraphrase, correct grammar and replace plagiarized sections on your paper just on time. The service is geared toward eliminating any mistakes and rather enhancing better quality.

Coursework

Technical papers

We have writers in almost all fields including the most technical fields. You don’t have to worry about the complexity of your paper. Simply enter as much details as possible in the place order section.