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Multiple Choice Quiz
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1
Which of the following is not a characteristic of a corporation?
A)Separate legal entity
B)Status as a "legal person" and "citizen"
C)Creature of the state
D)Unlimited liability of shareholders
2
Which of the following is not a characteristic of a corporation?
A)Non-transferability of corporate shares
B)Perpetual existence
C)Centralized management separate from owners
D)Corporate liability for torts and crimes of agents
3
The document a corporation files with the state explaining its organization is known as the articles of __________.
A)Incorporation
B)Confederation
C)Emancipation
D)Organization
4
__________ manage(s) the "day-to-day" business of the corporation.
A)Shareholders
B)The board of directors
C)Officers
D)None of the above
5
Profits a corporation keeps to reinvest in the firm are known as __________ earnings.
A)Maintained
B)Retained
C)Sustained
D)Ordained
6
A corporation is a(n) __________ corporation if it is incorporated in another country.
A)Domestic
B)Foreign
C)Alien
D)Quasi-
7
Stock of a __________ -held corporation is available to the public.
A)Closely
B)Privately
C)Publicly
D)Government
8
__________ -held corporations generally do not offer stock to the general public.
A)Closely
B)Illegally
C)Publicly
D)Loosely
9
__________ begin the corporate creation and organization process by arranging for necessary capital, financing, and licenses.
A)Entrepreneurs
B)Capitalists
C)Free enterprise specialists
D)Promoters
10
A corporation's articles of incorporation must include all but which of the following?
A)The name of the corporation
B)The purpose(s) of the corporation
C)The address of the corporation's registered office
D)The name of the corporation's registered agent





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