Under the MBCA, a Quorum of Shareholders at an Annual

question 55

Multiple Choice

Under the MBCA, a quorum of shareholders at an annual meeting may be not less than what percentage of the shares entitled to vote?

• A) 10
• B) 33 1\3
• C) 66
• D) 50

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Definitions:

LIFO

Last In, First Out; an inventory valuation method where the last items placed in inventory are the first ones to be used or sold.

Ending Inventory

The total value of a business’s merchandise, raw materials, and products not yet sold at the end of an accounting period.

FIFO

"First In, First Out," an inventory valuation method where goods first acquired are the first to be sold, used in accounting to calculate the cost of goods sold.

Net Income

The profit of a company after all expenses and taxes have been subtracted from total revenue.