Generally,a Quorum of Shareholders Exists When Shareholders Holding More Than

question 23

Multiple Choice

Generally,a quorum of shareholders exists when shareholders holding more than ______ percent of the outstanding shares are present.

• A) 80
• B) 70
• C) 60
• D) 50
• E) 25

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Definitions:

Lump-Sum Tax

A tax that is a fixed amount, no matter the change in circumstance of the taxed entity.

Marginal Income Tax Rate

The rate at which the last dollar of a taxpayer’s income is taxed, indicating the percentage of an additional dollar of income that will be paid in taxes.

Tax Schedule

A chart or table that displays tax rates applied to various income levels, dictating how much tax is owed based on income.

Proportional Tax

A tax system where the tax rate remains constant regardless of the amount on which the tax is levied.