R corp 2

R corp 2

University

36 Qs

quiz-placeholder

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R corp 2

R corp 2

Assessment

Quiz

Others

University

Easy

Created by

Angela Mobile

Used 2+ times

FREE Resource

36 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does 'Substantially All' refer to?

Assets that are not used

Assets necessary for business operations

All assets of the corporation

Assets that are sold

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is required for board approval of an extraordinary sale?

Majority of the entire board

Unanimous consent

Approval from the SEC

Two-thirds of the stockholders

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the minimum stockholder approval required for an extraordinary sale?

All stockholders must approve

Two-thirds of the outstanding capital stock

One-half of the stockholders

Majority of the board only

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What must be provided in the notice for a meeting?

Only the date and time

Only the purpose of the meeting

Time, place, and purpose of the meeting

No notice is required

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a stock corporation generally prohibited from doing?

Issuing dividends

Selling shares to the public

Acquiring its own shares

Investing in other corporations

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is one exception that allows a corporation to acquire its own shares?

To increase stock price

To eliminate fractional shares

To reduce capital

To pay dividends

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What must be used to purchase shares back?

Unrestricted retained earnings

Restricted retained earnings

Loan funds

Capital stock

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