2. A company has 1,000,000 shares authorized. It has issued 400,000 and has repurchased 50,000 shares.

	A.	The company has 400,000 outstanding shares.
	B.	The company has 1,000,000 outstanding shares.
	C.	The company has 350,000 outstanding shares.
	D.	The company has 450,000 outstanding shares.
	E.	The company has 950,000 outstanding shares.

3.The shareholders of XYZ Company have cumulative voting rights. The company is planning to elect 3 directors. There are 10,000 shares outstanding. You are running for director. How many shares do you need to own to be sure you can be elected?

	A.	None of the answers is correct.
	B.	3,334 (1/3 of the shares +1)
	C.	5,001 (1/2 of the shares +1)
	D.	10,000 shares