Copr

10 Questions | Attempts: 170
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Industry Quizzes & Trivia

Test made test

Questions and Answers
  • 1. 

    In some states, a close corporation can operate without formal share holders or directors' meetings

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
  • 2. 

    A corp. is liable for the torts of its officers commited within the course and scope of employment

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
  • 3. 

    An officer is a fiduciary of a corp.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
  • 4. 

    Preemptive rights entitle shareholders to bring a derivative suit against the corp.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
  • 5. 

    Only certain funds are legally available for paying dividends

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
  • 6. 

    Damages recovered in a shareholders derivative suit are paid to the shareholder who filed the suit

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
  • 7. 

    Generally, shareholders are not personaly responsible for the debts of the corp.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
  • 8. 

    Directors, but not officers owe a duty of loyalty to the corp

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
  • 9. 

    The business judgment rule makes a director liable for losses to the firm in most cases.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
  • 10. 

    State corp laws are entirely uniform.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False

Quiz Review Timeline +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Jan 23, 2013
    Quiz Edited by
    ProProfs Editorial Team
  • Mar 24, 2011
    Quiz Created by
    Badalbert

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