53. Under a(n) _________ contract the buyer agrees to purchase and the seller agrees to sell all or up to a stated amount of what the buyer needs.

a. output

b. firm offer

c. production

d. requirements

e. negotiables

54. _____________ are those with stock traded on a stock exchange and are likely to have many shareholders.

a. Publicly held corporations

b. Privately held corporations

c. Close corporations

d. Real corporations

e. Traded corporations

55. A corporation separates

a. ownership from responsibility

b. ownership from profit

c. ownership from management

d. control from losses

e. control from profits

56. Members of a corporations board of directors are elected

a. by top managers.

b. by its shareholders.

c. by the current board members.

d. by the corporations president.

e. by the vote of all of the above.

57. A(n) ___________ is a business organization that is treated like a corporation for liability purposes but like a partnership for federal tax purposes.

a. limited liability company

b. limited liability corporation

c. restricted liability company

d. no liability company

e. nonprofit company