1. The day today management of a corporation is dictated by its: a. members b. officers c. shareholders d. directors 2. a corporations broad policies and strategies are determined by its a. members b. managers c, directors d. shareholders 3. A disadvantage to the corporate form, generally, is that the net earnings of a corporation are subject to: a. strict scrutiny b. the business judgement rule c. double taxation d. all of the options 4. Apple, because it shares can be purchased and sold in markets open to anyone, is an example of a a. publicly traded corporation b. close corporation c. public LLC d. public benefit corporation 5. A group of physicians who wish to organize their practice as a corporation might need to call their company a ______ corporation. a. limited b. physician c. non-profit d. professional 6. A corporation that raises money by selling shares of stock in the corporation by raising money by the issuance of: a. debt b. crowdfunding c. equality d. all of the answers 7. A corporation's board of directors appoints a group of its members, plus people who are not members of its board, to oversee the financial reporting of the corporation. This group is called the: a. audit committee b. the internal committee c. the compensation committee d. the external committee 8. Officers and directors of a corporation are sued by shareholders for the failures of the corporation The officers and directors are protected under the law by application of the: a. business judgment rule b. none of the answers c. the doctrine of ultra vires d. respondeat superior 9. If director of a corporation is sued individually regarding alleged misconduct that relates to the duties of the director, the director may be entitled to ____ from the corporation a. indemnification b. none of the answers c. compensation d. retribution 10. Julie is a member of Corp X's board of directors. She also owns an office building, which has space available to lease. Corp X is interested in leasing Julie's office building . What is true? a. Corp X may not lease Julie's building because that would be a breach of Julie's duty of care to Corp X b. Corp may lease the building , but Julie must all of the lease payments to Corp X c. Corp X may not lease Julie's building because that would be a conflict of interest d. Corp X may Julie's building but only it julle discloses all pertinent facts and does not participate in voting on the