If a Public Company Decides Not to Solicit Proxies for a Shareholder

question 10

True/False

If a public company decides not to solicit proxies for a shareholder meeting,it need not give shareholders the information that would have been required in a proxy statement.

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Definitions:

Terms 2/10, N/30

A set of credit terms that offer a discount of 2% if payment is made within 10 days; otherwise, the full invoice amount is due within 30 days.

Perpetual Inventory Method

An accounting practice where the inventory records are updated immediately after every addition or subtraction, providing a continuously accurate inventory level.

Journalize

The act of recording business transactions in the chronological accounting record known as the journal.

Terms 2/10, N/30

A payment term indicating that a buyer can take a 2% discount on the invoice amount if the payment is made within 10 days; otherwise, the full invoice amount must be paid within 30 days.