Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Business Org > final > Flashcards

final Flashcards

1
Q

HOW MANY STATES IN THE UNITED STATES HAVE THEIR OWN CORPORATION LAW?

A

50

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

HOW DOES A CORPORATION BEGIN ITS LIFE?

A

FILING OF ARTICLES OF INCORPORATION WITH THE STATE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

WHAT IS A “S CORPORATION”?

A

A STATE CORPORATION THAT ELECTS TO BE TAXED UNDER FEDERAL LAW

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

WHICH OF THE FOLLOWING RUN THE DAY-TO-DAY OPERATIONS OF THE CORPORATION?

A

OFFICERS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

WHO APPOINTS THE OFFICERS OF THE CORPORATION?

A

THE DIRECTORS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

WHICH OF THE FOLLOWING WORDS MUST APPEAR AT THE END OF EVERY CORPORATION?

A

ALL OF THESE ANSWERS ARE CORRECT

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

WHICH STATE OF INCORPORATION IS USED BY SUBSTANTIAL CORPORATIONS WHO CONDUCT BUSINESS THROUGHOUT THE UNITED STATES OF AMERICA?

A

DELAWARE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

IS A NON-PROFIT CORPORATION ALLOWED TO PAY ITS DIRECTORS AND OFFICERS?

A

YES

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

WHICH OF THE FOLLOWING WORDS MUST APPEAR AT THE END OF EVERY PROFESSIONAL CORPORATION?

A

P.C.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

WHICH OF THE FOLLOWING PROFESSIONS ARE ALLOWED TO FORM A PROFESSIONAL CORPORATION

A

PLUMBER

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

A CORPORATION CAN ONLY BE FORMED IN ____ LOCATIONS:

A

50

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

THE NAME AND ADDRESS OF A REGISTERED AGENT IS REQUIRED TO BE FURNISHED ON THE ARTICLES OF INCORPORATION IN ORDER TO:

A

PERMIT SERVICE OF PROCESS ON THE CORPORATION

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

HOW MANY VOTES DOES A PREFERRED SHAREHOLDER POSSESS?

A

NONE OF THESE ANSWERS ARE CORRECT

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

CAN A CORPORATION INCORPORATED IN TEXAS DO BUSINESS IN THE STATE OF DELAWARE?

A

YES.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

ALL IMPORTANT CORPORATE DOCUMENTS ARE KEPT IN:

A

THE MINUTE BOOK

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

WHAT AMOUNT OF CURRENCY IS DEFINED AS “PAR VALUE”

A

IT DEPENDS ON WHAT IS STATED IN THE ARTICLE OF INCORPORATION AND/OR THE CORPORATE BYLAWS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

A SHAREHOLDER DIVIDEND IS

A

A SHAREHOLDER’S RIGHT TO PARTICIPATE IN THE CORPORATION’S PROFITS

18
Q

WHICH STATE IS ACTIVELY CHALLENGING DELAWARE TO BECOME THE LEADING STATE FOR NEW CORPORATE FORMATIONS?

A

TEXAS

19
Q

IF A SHARE OF CORPORATE COMMON STOCK HAS BEEN DESIGNATED AS “NO PAR VALUE” WHAT IS THE LEAST AMOUNT OF MONEY THAT THE SHARE IS ALLOWED TO BE SOLD?

A

NONE OF THESE ANSWERS ARE CORRECT

20
Q

WHAT IS THE DIFFERENCE BETWEEN A PUBLIC CORPORATION AND A CLOSE CORPORATION?

A

A PUBLIC CORPORATION CAN SELL ITS SHARE OF CAPITAL STOCK TO THE GENERAL PUBLIC

21
Q

A BUSINESS CHECK IS A :

A

NEGOTIABLE INSTRUMENT

22
Q

IN ORDER TO MARKET A FRANCHISE THE FRANCHISOR MUST POSSESS WHAT?

A

A MARK

23
Q

WHAT IS THE NAME OF THE GOVERNMENT ENTITY THAT REGULATES THE CREATION, PURCHASE AND SALE OF PUBLIC SECURITIES

A

THE SECURITIES AND EXCHANGE COMMISSION

24
Q

IF AN ACT IS ILLEGAL IS IT ALWAYS UNETHICAL?

A

YES

25
Q

WHO ARE THE PARTICIPANTS IN A LIMITED LIABILITY COMPANY?

A

MEMBERS

26
Q

WHO APPOINTS A CORPORATION’S SHAREHOLDERS?

A

NONE OF THESE ANSWERS ARE CORRECT

27
Q

WHAT DO THE DIRECTORS OF A CORPORATION OWE TO THE SHAREHOLDERS?

A

FIDUCIARY DUTY

28
Q

WHAT FIDUCIARY DUTIES ARE OWED BY THE MEMBERS OF A LIMITED LIABILITY COMPANY?

A

THE DUTY OF LOYALTY AND THE DUTY OF CARE

29
Q

WHAT IS THE NAME OF THE LEGAL INSTRUMENT USED TO FORM A LIMITED LIABILITY COMPANY?

A

ARTICLES OF ORGANIZATION

30
Q

WHAT IS THE PRIMARY FEDERAL LAW USED IN THE FORMATION OF CORPORATIONS

A

NONE OF THESE ANSWERS ARE CORRECT

31
Q

WHAT IS A MERGER?

A

WHEN ONE CORPORATION IS ABSORBED INTO ANOTHER CORPORATION AND ONLY ONE CORPORATION SURVIVES

32
Q

WHICH CHAPTER OF THE BANKRUPTCY CODE IS GENERALLLY RESERVED FOR BUSINESSES?

A

CHAPTER 11

33
Q

A CHECK IS ALSO KNOWN AS A:

A

NEGOTIABLE INSTRUMENT

34
Q

A CORPORATE ENTITY THAT WAS FORMED PURSUANT TO ARTICLES OF ORGANIZATION IS CALLED:

A

A LIMITED LIABILITY COMPANY

35
Q

GENERALLY, WHAT LIABILITIES ARE THE SHAREHOLDERS RESPONSIBLE FOR PAYING?

A

NONE

36
Q

AN ENTITY THAT REQUIRES ALL PRODUCTS AND PROCEDURES TO BE STRICTLY FOLLOWED IS KNOWN AS A :

A

FRANCHISE

37
Q

LAWS THAT ARE ENACTED AND ENFORCED IN ORDER TO PREVENT BUSINESSES FROM ENGAGING IN UNFAIR TRADE PRACTICES ARE KNOWN AS:

A

ANTITRUST LAWS

38
Q

UNDER WHAT FEDERAL LAW(S) CAN A CORPORATION BE FORMED?

A

NONE

39
Q

WHAT IS THE NAME OF THE LEGAL ACTION THAT ARISES WHEN TWO CORPORATIONS COMBINE AND THEREAFTER ONE OF THOSE CORPORATIONS CEASE TO EXIST?

A

MERGER

40
Q

CAN A PARALEGAL DRAFT ARTICLES OF INCORPORATION FOR A CLIENT WITH REVENUES UNDER $1,000 PER ANNUM PROVIDED THAT THE CLIENT CONSENTS IN WRITING TO THAT ACTION?

A

NO

41
Q

WHEN HAS A PARALEGAL VIOLATED ATTORNEY CLIENT PRIVILEGE?

A

NEVER

Business Org (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions