Which of the Following Would Be NOT Be a Responsibility

question 20

Multiple Choice

Which of the following would be NOT be a responsibility of the directors of a corporation?

• A) calling a special shareholders' meeting
• B) the appointment of executive managerial officers
• C) the drafting of corporate bylaws
• D) the declaration of dividends

Identify the conditions under which partners can legally bind the partnership in transactions.

Distinguish between the rights of partners within the partnership versus external parties.

Explain the impact of a partner's death on the partnership and the subsequent rights of remaining partners and heirs.

Understand the concepts of majority rule and unanimous consent in partnership decisions.

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Definitions:

Equilibrium Price

The price at which the quantity of a good or service demanded equals the quantity supplied, resulting in market balance.

Marginal Cost

The added total cost resulting from the manufacture of one more unit.

Producer Surplus

The difference between what producers are willing to accept for a good versus what they actually receive, often represented as the area above the supply curve and below the equilibrium price.

Output Tax

A tax imposed based on the quantity of goods or services produced.