Under the Model Act,a Corporation Must Have at Least One

question 34

Multiple Choice

Under the Model Act,a corporation must have at least one director unless all shareholders agree to eliminate the board or the corporation has fewer than _____ shareholders.

• A)10
• B)25
• C)50
• D)100

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Definitions:

Consumption Goods

Goods that are used by consumers for personal or household purposes, intended to satisfy human wants or needs directly.

Time Preference

The tendency of individuals to value goods and experiences in the present more than in the future, influencing savings and investment decisions.

After-Tax Profit

The net income a company remains with after all the taxes have been subtracted from the total revenue.

Market Value

The price at which an asset would trade in a competitive auction setting.