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BUS1001 Columbia Southern Federal Trade Commission Quiz

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Accounting
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Columbia Southern University
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Course Business Law I Test Click here to begin the quiz (80 pts) Started 8/1/16 11:30 AM Submitted 8/1/16 12:17 PM Due Date 8/8/16 9:00 AM Status Completed Attempt Score 76 out of 80 points Time Elapsed 46 minutes out of 2 hours Results Displayed Submitted Answers, Correct Answers, Feedback Question 1 4 out of 4 points Matt, a shareholder, can run for director by simply placing his name on the company’s proxy statement. Selected Answer: False Correct Answer: False Question 2 4 out of 4 points The "business judgment rule" has been replaced by “good faith statutes” in most states. Selected Answer: False Correct Answer: False Question 3 4 out of 4 points Sara decided to incorporate her business under the name Gomo, Inc. Before Gomo was incorporated, Sara signed a contract in the name of Gomo, Inc. to lease a store front. Sara did not tell the other party that Gomo was not yet formed. Sara is personally liable on the lease. Selected Answer: True Correct Answer: True Question 4 4 out of 4 points An organization that does not pay income tax on its profits but passes them through to its owners who pay the tax at their individual rates is called a Selected Answer: b. flow-through tax entity. Correct Answer: b. flow-through tax entity. Question 5 4 out of 4 points The advantage to an S corporation is Selected Answer: b. its treatment of shareholders for income taxation purposes. Correct Answer: b. its treatment of shareholders for income taxation p ...
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