If a Corporation That Has Only One Class of Shares,or

question 49

Multiple Choice

If a corporation that has only one class of shares,or if there is more than one class,the class that has no preference over the other classes of shares,is called

• A)Preferred shares
• B)Common shares
• C)Convertible preferred shares
• D)Cumulative preferred shares
• E)Participating preferred shares

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Definitions:

Sales Tax

A tax paid to a governing body for the sales of certain goods and services, usually collected by the retailer.

Entry Record

The documented recording of a financial transaction in an accounting system.

Sales and Sales Taxes

Revenue from goods or services sold, and the tax collected on these sales, which is remitted to the government.

Gross Earnings

The total income earned by a business before deductions such as taxes, expenses, and costs.