Which of the Following Is Not True Regarding the Limitations

question 2

Multiple Choice

Which of the following is not true regarding the limitations of professional corporations?

• A)Seventy-five percent of the shares of stock must be owned and held by individuals licensed in the profession of the corporation.
• B)At least one of the incorporators, one director, and one officer must be licensed in the profession.
• C)The Articles of Incorporation, in addition to all other requirements, must designate the professional services to be provided by the corporation.
• D)The professional corporation must obtain from the appropriate licensing board a certification that declares the shares of stock are owned by individuals who are duly licensed in the profession.

Understand the concept of implicit costs and their relevance to business economics.

Calculate and distinguish between accounting profit and economic profit.

Recognize explicit costs and their impact on a firm's financial statements.

Comprehend the relationship between economic profit, accounting profit, and normal profit.

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Definitions:

Organized Groups

Assemblies of individuals who come together for a specific purpose, following structured rules or norms to achieve collective goals.

Drinking Age

The legal age at which an individual is permitted to consume alcoholic beverages, which varies by jurisdiction.

Alcoholism

A chronic disease characterized by an uncontrollable desire to consume alcohol beyond one's capacity to control it, negatively affecting the individual's health, relationships, and social functioning.

Disease

A disorder or illness that affects a living organism's body or parts of it, often characterized by specific signs and symptoms.