Understanding Corporations:

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1.) Which of the following are rights of common shareholders? (CHOOSE THREE ANSWERS.)

a. voting on matters such as election of directors and proposals for mergers or liquidation

b. transferable ownership

c. priority for having debts paid from the liquidating company’s assets

d. opportunity to inspect corporate books and records

2.) Common shareholders have the right to vote on: (CHOOSE ONE ANSWER.)

a. when to pay dividends.

b. proposals for fundamental changes affecting the company such as mergers or liquidation.

c. price of stock.

d. compensation for the officers.

3.) In ordinary circumstances, when the corporate veil has not been pierced, a shareholder may be liable for: (CHOOSE ONE ANSWER.)

a. the actions of the board of directors.

b. portion of the settlement in a class-action lawsuit.

c. unpaid amounts on the shares held by that shareholder.

d. a portion of corporate fines for environmental violations.

4.) Which of the following is a duty of both corporate directors and corporate officers? (CHOOSE ONE ANSWER.)

a. purchasing stock in the company

b. working at least forty hours per week for the corporation

c. making a full disclosure of potential conflicts of interest

d. limiting political endorsements to only candidates that the corporation supports


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