The Revised Model Business Corporation Act: ______

question 29

Multiple Choice

The Revised Model Business Corporation Act: ______.

• A) has eliminated the certificate of incorporation.
• B) has made the process of incorporation more difficult.
• C) states that corporate existence begins when the secretary of state issues a certificate of incorporation.
• D) has eliminated the need for articles of incorporation.

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Definitions:

Non-interest Bearing

A financial term indicating a debt or deposit that does not accrue interest over time, identical in concept to its prior mention but explained with different wording.

Compounded Monthly

A method of calculating interest where the interest earned each month is added to the principal, compounding the amount on which future interest is calculated.

Compounded Semi-annually

The process of adding interest to the principal sum of a loan or deposit on a twice-yearly basis, resulting in interest on interest.

Payments

Amounts of money paid by one party to another, often at regular intervals, in exchange for goods or services.