Yukon Corporation Purchases 1,000 Shares of Its Own Stock from Jones

question 68

Multiple Choice

Yukon Corporation purchases 1,000 shares of its own stock from Jones at a price of $50 a share. These shares, which are now issued but not outstanding, are known as:

• A) treasury shares.
• B) preemptive shares.
• C) preferred stock.
• D) no par stock.

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Definitions:

Worker's Regular Hourly Wage

The standard rate of pay per hour for a worker before any overtime or bonuses are added.

Overtime Pay

Compensation for employees who have worked more than the standard work hours.

Fair Labor Standards Act

A U.S. law that sets minimum wage, overtime pay eligibility, recordkeeping, and child labor standards.

Regular Hourly Wage

Regular Hourly Wage is the fixed amount of money that an employee is paid for each hour worked, excluding overtime or bonuses.