What Are the Responsibilities of the Board of Directors in a Corporation

question 76

Multiple Choice

What are the responsibilities of the board of directors in a corporation?

• A) Hire and fire managers.
• B) Manage day-to-day operations.
• C) Amend the firm's corporate charter when necessary.
• D) Hire and fire entry level employees.

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Definitions:

Breach of Contract

The act of not executing any part of a contract, be it written or oral, without an acceptable legal excuse.

Contract

A legally binding agreement between two or more parties, which outlines obligations and rights related to a particular arrangement or deal.

Automatic Weaving Machine

A mechanical device that automates the process of weaving textiles, reducing manual labor and increasing production efficiency.

Finance Company

A business that provides loans to individuals or companies, typically specializing in areas such as consumer finance, leasing, and commercial lending.