Business Law Principles and Practices

Business

Quiz 27 :

Corporations and Franchising

Quiz 27 :

Corporations and Franchising

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Stockholders may inspect the corporate records at any time and for any purpose.
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True False
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False

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Words such as "Inc." and "Corp." indicate that a business is a corporation.
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True False
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True

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The powers of a corporation are found in
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D

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Only the directors of a corporation may invalidate an ultra vires act.
True False
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Franchising is regulated by both state and federal governments.
True False
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Corporations receive permission to operate from the state or the federal government.
True False
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A corporation comes into existence when the
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The board of directors of a corporation is responsible for its day-to-day operations.
True False
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Directors and officers are liable to third parties only if they commit an intentional tort such as fraud.
True False
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A court's holding that a corporation was organized solely to avoid liability is known as "piercing the corporate veil".
True False
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Tender offers are regulated by both federal and state securities laws.
True False
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One method used by corporations to resist a takeover attempt is called
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A corporation organized to operate a college is an example of a
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It is usually more costly to set up a corporation than a partnership.
True False
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Preferred stockholders have first claim on the assets of a corporation if the corporation dissolves.
True False
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Stockholders who cannot attend stockholders' meetings may allow others to vote for them by issuing proxies.
True False
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When a corporation issues new stock, current stockholders may purchase additional shares before these shares are offered to the public.
True False
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For federal income tax purposes, a Chapter S corporation is treated as
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A state may dissolve a corporation for failure to pay corporate taxes.
True False
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A stockholder can never be held liable for debts of the corporation.
True False
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