A Director Usually Serves on a Corporation's Board for a Life

question 68

True/False

A director usually serves on a corporation's board for a life term.

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Definitions:

Federal Depository Bank

A Federal Depository Bank is a financial institution authorized by the federal government to hold and manage the funds of the U.S. Treasury and other government entities.

Overdue Account Payable

An obligation owed by a company to a supplier for which payment has not been made within the agreed upon timeframe.

Note Payable

A written promise to pay a certain amount of money, often bearing interest, by a specified date to the holder of the note.

FICA Taxes

Taxes imposed on both employees and employers to fund Social Security and Medicare programs, based on earned wages.