The Number of Directors That Serve on a Corporate Board

question 35

Multiple Choice

The number of directors that serve on a corporate board is determined by its

• A)articles of incorporation.
• B)bylaws.
• C)board of directors.
• D)quorum.

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Definitions:

Merchandise

Goods that are bought and sold in the course of business, often referred to in the context of retail or wholesale trading.

Lower of Cost or Market

An accounting principle stating that inventory should be recorded at either its historical cost or its market value, whichever is lower.

Inventory

Items such as raw materials, work-in-progress, and finished goods that a company holds for the purpose of sale in the ordinary course of business.

Inventory Management

The systematic approach to ordering, storing, and using a company's inventory, including raw materials, components, and finished products.