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WorksheetsReview Business Law Topic 2.2
Total questions: 9
Worksheet time: 3mins
The first formal step in incorporating a corporation is drafting and filing the__
articles of incorporation
company bylaws
stock certificates
minutes of incorporation
Directors of a corporation are elected by __
the state
the officers
the shareholdes
the public
The part of corporate profits paid to a stockholder is called
stock
share
dividend
interest
Which is not an advantage of corporation?
continuity
ease of formation
limited liability
ease of transferring ownership
Which of the following bodies has the power to establish general corporate policies in a corporation?
Officers
Stockholders
Auditors
Board of Directors
Unless otherwise agreed, the partners’ shares of the profits in a partnership are
based on the amount each partner invested.
based on the partners' salaries.
equal
based on the time each partner devotes to management
To establish a partnership, there always must be a partnership agreement.
True
False
Dave and John operated a grocery store as partners. Dave told John not to buy a certain product because it was not selling well. John disregarded Dave’s request and bought a large quantity of the product. Dave refused to pay the bill. Was the partnership obligated to pay for the product?
Yes
No
Officers of a corporation are hired by __
the stockholders
the directors
the state
other officers
