You Own 100 Shares of XY Corporation

question 308

Multiple Choice

You own 100 shares of XY Corporation. There are several key items which will be voted on at the next board meeting. You are unable to physically attend the meeting but would like your votes cast so your opinion counts. The procedure by which you can cast your votes without attending the meeting is called _____ voting.

• A) Straight
• B) Cumulative
• C) Distance
• D) Proxy
• E) Democratic

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Definitions:

Fiscal Year-End

Fiscal Year-End refers to the last day of a company's accounting period, which is used for financial reporting and tax purposes and can vary but often ends on December 31.

Accrual Basis

An accounting method where income and expenses are recorded when they are earned or incurred, regardless of when the cash transaction occurs.

Form 1120

Form 1120 is the tax form used by corporations in the United States to report their income, gains, losses, deductions, and credits to the IRS.

Subchapter S Corporation

A form of corporation that meets specific Internal Revenue Code requirements, allowing profits to be passed directly to shareholders and avoid double taxation.