There Are 5 Seats Open on the Board of Directors

question 359

Multiple Choice

There are 5 seats open on the board of directors of Alpha, Inc. Jason wants to be positive that he can be elected to one of these positions. Alpha uses cumulative voting. There are 1,500 shares of
Alpha stock outstanding. Twenty% of the shares are owned by Midge, 30% are owned by Peter, 10%
Are owned by Jeff, 25% are owned by Jason and the rest are owned by Edward. How many
Additional shares of stock must Jason buy to ensure that he wins a seat?

• A) 0
• B) 56
• C) 116
• D) 251
• E) 376

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Definitions:

Without Reserve

An auction term indicating that an item is sold to the highest bidder without any minimum price or reserve.

Enforceable Agreement

A contract or agreement that can be legally imposed or upheld by a court of law.

Text Offer

An offer made through written communication, particularly via text messages, outlining the terms by which the sender proposes a business transaction.

Text Acceptance

Acceptance of an offer or agreement through written text, often facilitated by digital means such as SMS or email.