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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
all of the incorporators must have legal capacity
C
the promoters must bind the organization that is to become a corporation
D
all of these
2) Money to buy equipment, supplies, and inventory; to hire labor; and to pay other expenses of a corporation come from
A
donations received
B
the initial sale of stock
C
fundraisers
D
the original incorporators
3) An eligibility requirement for an S corporation would be
A
both of these
B
two or more classes of stock
C
unlimited number of shareholders
D
none of these
4) A partnership may be dissolved by
A
bankruptcy or death of any partner
B
all of these
C
all of these
D
agreement of the parties
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
selling out in a corporate takeover
B
merging with another company
C
all of these
D
changing the corporate articles
7) Advantages of a corporation would not include
A
professional management
B
all of these
C
taxes
D
perpetual life
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
inspect corporate books of account
C
a proportionate share of the profits
D
participate directly in the management of the corporation
9) The governmental agency that regulates stock exchanges is
A
Federal Communications Commission (FCC)
B
Securities and Exchange Commission (SEC)
C
Federal Trade Commission (FTC)
D
Federal Reserve System's Board of Governors
10) Unconditional order to pay money are
A
promissory notes
B
IOUs
C
certificates of deposit
D
checks
11) A draft payable on a set date is called
A
a check
B
a sight draft
C
an IOU
D
a time draft
12) Commercial paper can be discharged by
A
mistakenly marking a note paid and returning it to the maker
B
all of these
C
cancellation resulting from fraud
D
fraudulent alterations
13) Certificates of deposit and promissory notes are
A
bills of exchange
B
time drafts
C
unconditional promises to pay money
D
unconditional orders to pay money
14) When personal property is offered as security and so indicated on the face of the note, the paper is a
A
collateral note
B
mortgage note
C
personal note
D
promissory note
15) An instrument is still negotiable if it requires that the amount be paid
A
all of these
B
by installment
C
with costs of collection
D
with interest
*select an answer for all questions
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