10. A disadvantage of the corporate form of business is a. centralized authority and responsibility. b.its status as a separate legal entity. c.government regulation. d. continuous existence. 11. Which of the following phrases is not descriptive of the corporate form of business? a. Professional management b. Continuous existence c. Double taxation d. Unlimited liability 12. Which of the following statements is descriptive of common stock? a. Stockholders are considered creditors of a corporation. b. The payment of dividends is required. c. Dividends paid are an expense for the issuing corporation. d. Issuing stock is less financially risky than issuing bonds. 13. Par value a. is established for a share of stock after it is issued. b. is the legal capital established for a share of stock. C. represents what a share of stock is worth. d. represents the original selling price for a share of stock. 14. All of the following are stockholders' equity accounts except a. Treasury Stock. b. Preferred Stock. c. Retained Earnings. d. Dividends Payable. 15. Which of the following classifications represents the largest number of shares? a. Authorized shares. b. Outstanding shares. C. Treasury shares. d. Issued shares