The Board of Directors of a Corporation Is Charged with the Management

question 7

True/False

The board of directors of a corporation is charged with the management functions,including policy development,and is answerable directly to the shareholders,who may vote them out of office should they perform poorly.

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Definitions:

Patents

Legal documents granting inventors exclusive rights to their inventions for a certain period, preventing others from making, using, or selling the invention without permission.

Government Franchising

A method whereby the government grants a private entity the right to operate a public service or business within a certain territory or function.

Essential Resource

A resource considered vital for the survival of an economy or the operation of a business.

Long Run

A period in economics sufficient for all markets to adjust, including production levels, prices, and resource allocation, often contrasted with the short run where some factors are fixed.