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41 public corporations are required by law or regulation to perform all of the follo 4295542

 

 

41.Public corporations are required by law or regulation to perform all of the following except
 
 

A. Submit much of their financial information to the SEC for review.

 

B. Make regularly scheduled dividend payments to all stockholders.

 

C. Have their annual financial statements audited by an independent CPA.

 

D. Disclose their financial information to the public.

 

 

 

 

42.Which of the following apply to closely held corporations? 
 
 

A. There is no organized market for buying and selling the company's shares.

 

B. The company must prepare and issue its financial statements in conformity with generally accepted accounting principles.

 

C. The company must have its financial statements audited by an independent firm of CPAs.

 

D. The company's financial information must be submitted to the Securities and Exchange Commission.

 

 

 

 

43.In a corporation's organization chart, who has/have the highest position? 
 
 

A. Stockholders.

 

B. Board of directors.

 

C. CEO.

 

D. President.

 

 

 

 

44.The ownership of common stock in a corporation usually carries the following rights: 
 
 

A. To vote for directors.

 

B. To declare dividends.

 

C. To share in a distribution of assets if the corporation is to be liquidated.

 

D. Both to vote for directors and share in a distribution of assets if the corporation is to be liquidated.

 

 

 

 

45.The board of directors' primary functions include all of the following except
 
 

A. Hiring corporate officers.

 

B. Setting officers' salaries.

 

C. Declaring dividends.

 

D. Transacting corporate business.

 

 

 

 

46.Which of the following is not a right of stockholders? 
 
 

A. To vote for directors and on key issues.

 

B. To participate in dividends declared.

 

C. To share in the distribution of assets if the corporation is liquidated.

 

D. To select the Chief Executive Officer.

 

 

 

 

47.The rights of a common stockholder do not include the right: 
 
 

A. To vote for directors.

 

B. To withdraw a share of corporate net assets proportionate to the person's stockholdings.

 

C. To receive a proportionate share of corporate assets upon liquidation, after creditors have been paid.

 

D. To share in profits when the board of directors declares a dividend.

 

 

 

 

48.The directors of a corporation: 
 
 

A. Are hired by the officers to run the business on a day-to-day basis.

 

B. May not own stock in the same corporation or be officers of the same corporation.

 

C. Are responsible for formulating corporate policy and for hiring corporate officers.

 

D. Are elected by the shareholders to run day-to-day operations.

 

 

 

 

49.Shares that have been sold and are in the hands of stockholders are called: 
 
 

A. Outstanding.

 

B. Issued.

 

C. Treasury.

 

D. Underwritten.

 

 

 

 

50.Which of the following is not an addition to total paid-in-capital? 
 
 

A. Preferred stock.

 

B. Common stock.

 

C. Preferred stock and treasury stock.

 

D. Retained earnings and treasury stock.

 

 

 

 

 

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