Important Differences Between the Typical Developed Country and the Typical

question 1

Multiple Choice

Important differences between the typical developed country and the typical developing country include all of the following except:

• A) developing countries have not shown the uniform growth in government spending found in industrial countries
• B) state-owned enterprises account for a smaller percentage of economic activity in developing countries than they do in developed countries.
• C) in general, developing countries rely more on government than the private sector to build schools, roads and hospitals, than do developed countries.
• D) government plays a larger role in investment spending in the developed country.
• E) most developing countries spend a small percentage of their budget on social services.

Recognize the requirements and qualifications for being a corporate director.

Analyze scenarios involving corporate decision-making and liability issues.

Explain the concept of ultra vires acts in corporations and the legal remedies available.

Describe the ethical and legal responsibilities of directors in conflict of interest situations.

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Definitions:

Payment

The transfer of money from one party to another as compensation for goods or services or as repayment of a loan.

Invoice

A document issued by a seller to a buyer, detailing products or services provided, prices, and terms of payment.

Cheque

A document that is written, dated, and contains a signature, instructing a bank to pay a certain amount of money to either the person holding it or to an individual named in the document.

Credited

The action of officially recognizing or adding an amount to an account, often referring to the depositing of funds or acknowledgment of income earned.