Ch20-TB-BLTE-8e

Ch20-TB-BLTE-8e - Chapter20 Corporations...

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Chapter 20 Corporations TRUE/FALSE QUESTIONS 1. A shareholder is not an “owner” of a corporation. ANSWER: F PAGE: 608 TYPE: N MISC: AACSB Analytic Skill Level: AICPA Legal 2. Corporations do  not  enjoy any protections under the Bill of Rights. ANSWER: F PAGE: 609 TYPE: N MISC: AACSB Analytic Skill Level: AICPA Legal 3. A corporation may be liable for the torts, but never the crimes, of its agents. ANSWER: F PAGE: 611  TYPE: N MISC: AACSB Analytic Skill Level: AICPA Legal 4. Express powers of a corporation are  not  found in its articles of corporation. ANSWER: F PAGE: 612  TYPE: N MISC: AACSB Reflective Skill Level: AICPA Critical  Thinking 5. A corporation has no implied powers. ANSWER: F PAGE: 612  TYPE: N MISC: AACSB Reflective Skill Level: AICPA Critical  Thinking 49
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50 TEST BANK TO ACCOMPANY BUSINESS LAW TODAY: THE ESSENTIALS 6. The   state   of   the   incorporator’s   residence   determines   in   which   state   a  corporation is chartered. ANSWER: F PAGE: 614  TYPE: N MISC: AACSB Analytic Skill Level: AICPA Legal
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CHAPTER 20: CORPORATIONS 51 7. Articles of incorporation are drafted at the corporation’s first organizational  meeting. ANSWER: F PAGE: 614  TYPE: N MISC: AACSB Reflective Skill Level: AICPA Legal 8. Directors are agents of their corporation. ANSWER: F PAGE: 616 TYPE: N MISC: AACSB Analytic Skill Level: AICPA Legal 9. A   corporation   can   name   its   first   board   of   directors   in   the   articles   of  incorporation. ANSWER: T PAGE: 616 TYPE: N MISC: AACSB Analytic Skill Level: AICPA Legal 10. A director can be removed from a corporate board for cause. ANSWER: T PAGE: 617 TYPE: N MISC: AACSB Analytic Skill Level: AICPA Legal 11. Shareholders may  not  vote to remove members of the board of directors. ANSWER: F PAGE: 617 TYPE: N MISC: AACSB Analytic Skill Level: AICPA Legal 12. In some circumstances, a vacancy on a board of directors can be filled by  the board. ANSWER: T PAGE: 618 TYPE: N MISC: AACSB Analytic Skill Level: AICPA Legal 13. A   minimum   number   of   directors   must   be   present   before   a   board   can  transact business. ANSWER: T PAGE: 618 TYPE: N MISC: AACSB Analytic Skill Level: AICPA Legal 14. A corporate director’s main right is to be compensated for their services. ANSWER: F PAGE: 618 TYPE: N
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52 TEST BANK TO ACCOMPANY BUSINESS LAW TODAY: THE ESSENTIALS MISC: AACSB Analytic Skill Level: AICPA Legal
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CHAPTER 20: CORPORATIONS 53 15. Directors are required to use a reasonable amount of supervision over the  corporate officers. ANSWER:
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Ch20-TB-BLTE-8e - Chapter20 Corporations...

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