Multiple ChoiceQUESTION 1 1. If an employee of a corporation, while carrying out the duties of...

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Multiple ChoiceQUESTION 1  1. If an employee of a corporation, while carrying out the duties of their job, does something that causes injury or damage to a third party, the corporation will be liable for those injuries or damage under the doctrine of:                      unlimited liability.                         centralized management.                         respondeat superior.                         ultra vires.        QUESTION 2  1. What does it mean that a corporation is a separate legal entity?                      The corporation is owned by people   who are known as shareholders.                         The corporation has to have an   address for the business it operates that is different than the addresses of   the people who own the corporation.                         The corporation has to be managed   by people who are not shareholders in the corporation.                         The corporation is considered to   be a legal person with certain rights that exists independently of the people   who own stock in the corporation.        QUESTION 3  1. A corporation that has been properly formed is called a(n):                      de facto corporation.                         ultra vires corporation.                         subchapter s corporation.                         de jure corporation.        QUESTION 4  1. A corporation that meets specific conditions and that is taxed like a partnership is a(n):                      nonprofit corporation.                         closely held corporation.                         subchapter S corporation.                         professional corporation.        QUESTION 5  1. Shareholders in a corporation elect __________ who are responsible for the overall management of the corporation.                      officers                         promoters                         directors                         incorporators                                             QUESTION 6  1. When a corporation earns a profit, the corporation has to pay income taxes on that profit. The profit that remains after income tax is paid can be used by the corporation as either:                      salaries or retained earnings.                         dividends or expenses.                         retained earnings or savings.                         dividends or retained earnings.        QUESTION 7  1. __________ represent ownership interests in a corporation.                      Debt securities                         Equity securities                         Subscription agreements                         Tender offers        QUESTION 8  1. A bond is:                      an ownership interest in a   corporation that gives the owner preferences with respect to the assets of   the corporations and dividends paid by the corporation.                         a debt instrument that allows the   holder to convert the debt into a number of shares in the corporation having   a value equal to the amount of the bond.                         a debt instrument that requires   the corporation to pay the holder a stated amount of interest for a stated   period of time and then to pay the holder the amount of the bond.                         an ownership interest in the   corporation that allows the holder to vote in corporate elections.        QUESTION 9  1. With respect to the formation of a corporation, a subscriber is:                      a person who has purchased stock   in a newly formed corporation.                         a person who has offered to   purchase a specific number of shares in a corporation that is to be formed.                         a person who has expressed an   interest in purchasing stock in a corporation that is to be formed but who   has not committed to the number of shares to be purchased.                         a person who begins the process of   forming a new corporation.        QUESTION 10  1. The document that is submitted to the state where a corporation is to be formed that identifies the name of the corporation, the powers of the corporation, and the people involved in creating the corporation is the:                      by-laws.                         certificate of incorporation.                         articles of incorporation.                         subscription agreement.

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Running Head: BUSINESS LAW                      	1
BUSINESS LAW 		4
BUSINESS LAW
Table of Contents 
Answer 1	3
Answer 2	3
Answer 3	3
Answer 4	3
Answer 5	4
Answer 6	4
Answer 7	4
Answer 8	5
Answer 9	5
Answer 10	5
Answer 1
If an employee of a corporation, while carrying out the duties of their job, does something that causes injury or damage to a third party, the corporation will be liable for those injuries or damage under the doctrine of: 
· Unlimited liability
· Centralized management
· Respondent superior
· Ultra vires 
Answer 2
What does it mean that a corporation is a separate legal entity?

Multiple Choice QUESTION 1 1. If an employee of a corporation, while carrying out the duties of their job, does something that causes injury or damage to a third party, the corporation will be liable...

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		unlimited liability.
		centralized management.
		respondeat superior.
		ultra vires.

		The corporation is owned by people who are known as shareholders.
		The corporation has to have an address for the business it operates that is different than the addresses of the people who own the corporation.
		The corporation has to be managed by people who are not shareholders in the corporation.
		The corporation is considered to be a legal person with certain rights that exists independently of the people who own stock in the corporation.

		de facto corporation.
		ultra vires corporation.
		subchapter s corporation.
		de jure corporation.

		nonprofit corporation.
		closely held corporation.
		subchapter S corporation.
		professional corporation.

		salaries or retained earnings.
		dividends or expenses.
		retained earnings or savings.
		dividends or retained earnings.

		Debt securities
		Equity securities
		Subscription agreements
		Tender offers

		an ownership interest in a corporation that gives the owner preferences with respect to the assets of the corporations and dividends paid by the corporation.
		a debt instrument that allows the holder to convert the debt into a number of shares in the corporation having a value equal to the amount of the bond.
		a debt instrument that requires the corporation to pay the holder a stated amount of interest for a stated period of time and then to pay the holder the amount of the bond.
		an ownership interest in the corporation that allows the holder to vote in corporate elections.

		a person who has purchased stock in a newly formed corporation.
		a person who has offered to purchase a specific number of shares in a corporation that is to be formed.
		a person who has expressed an interest in purchasing stock in a corporation that is to be formed but who has not committed to the number of shares to be purchased.
		a person who begins the process of forming a new corporation.

		by-laws.
		certificate of incorporation.
		articles of incorporation.
		subscription agreement.