To Amend a Corporate Charter Requires Approval by

question 7

Multiple Choice

To amend a corporate charter requires approval by

• A) stockholders only
• B) management
• C) the state
• D) both the state and the stockholders

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Definitions:

Note Receivable

A written promise for amounts to be received by a business, typically including interest.

Allowance Method

An accounting technique used to account for bad debts, where an estimated amount is deducted from accounts receivable to reflect possible non-collection.

Bad Debts

are amounts owed to a company that are considered uncollectible, leading to a financial loss.

Percentage of Sales

A financial analysis tool used to forecast future expenses, based on a fixed percentage of the total sales.