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BL Final Review MC Part 4
Test Description: Q 81-95
Instructions: Answer all questions to get your test result.
1) In most states, to create a corporation
A
an application for incorporation must be filed to the property state official
B
the promoters must bind the organization that is to become a corporation
C
all of these
D
all of the incorporators must have legal capacity
2) Money to buy equipment, supplies, and inventory; to hire labor; and to pay other expenses of a corporation come from
A
fundraisers
B
the original incorporators
C
the initial sale of stock
D
donations received
3) An eligibility requirement for an S corporation would be
A
none of these
B
unlimited number of shareholders
C
two or more classes of stock
D
both of these
4) A partnership may be dissolved by
A
bankruptcy or death of any partner
B
agreement of the parties
C
all of these
D
all of these
5) A partner who invests more capital brings in more business, or works longer and harder than his or her associates is
A
either extra pay or more profits only if all other partners agree
B
both extra pay and a larger share of the profits
C
entitled to extra pay
D
entitled to a larger share of the profits
6) Shareholders have the power to vote on
A
all of these
B
merging with another company
C
changing the corporate articles
D
selling out in a corporate takeover
7) Advantages of a corporation would not include
A
perpetual life
B
taxes
C
professional management
D
all of these
8) Rights of the shareholder would not include the right to
A
share in the distribution of the capital if the corporation is dissolved
B
a proportionate share of the profits
C
participate directly in the management of the corporation
D
inspect corporate books of account
9) The governmental agency that regulates stock exchanges is
A
Federal Trade Commission (FTC)
B
Federal Communications Commission (FCC)
C
Securities and Exchange Commission (SEC)
D
Federal Reserve System's Board of Governors
10) Unconditional order to pay money are
A
certificates of deposit
B
checks
C
promissory notes
D
IOUs
11) A draft payable on a set date is called
A
a check
B
a sight draft
C
a time draft
D
an IOU
12) Commercial paper can be discharged by
A
cancellation resulting from fraud
B
all of these
C
mistakenly marking a note paid and returning it to the maker
D
fraudulent alterations
13) Certificates of deposit and promissory notes are
A
unconditional orders to pay money
B
bills of exchange
C
unconditional promises to pay money
D
time drafts
14) When personal property is offered as security and so indicated on the face of the note, the paper is a
A
mortgage note
B
promissory note
C
collateral note
D
personal note
15) An instrument is still negotiable if it requires that the amount be paid
A
with interest
B
all of these
C
by installment
D
with costs of collection
*select an answer for all questions
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