Under the UCITA, If a Contract Requires a Fee of More

question 61

Multiple Choice

Under the UCITA, if a contract requires a fee of more than , it is enforceable only if it is authenticated.

• A) $500
• B) $1,000
• C) $2,000
• D) $5,000

Understand the measures to protect minority shareholders in close corporations.

Identify the procedures for removing a wrongdoing director in a nonprofit corporation.

Learn about the restrictions and powers of courts in removing corporate directors.

Familiarize with terms and conditions related to tender offers and hostile takeovers.

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Definitions:

ABC System

Stands for Activity-Based Costing system, a method of allocating overhead and indirect costs to specific products or services based on their consumption of resources.

Prime Cost

Direct materials plus direct labor costs.

Machine Hours

The total number of hours that machines are used or operated during a specific time period, often used as a basis for allocating manufacturing overhead.

Direct Labor Hour

A measure of the time spent by workers manufacturing a product or delivering a service.