Andrea has prepared the following list of statements about corporations. Identify whether each statement is true or false.

1.		A corporation is an entity separate and distinct from its owners.		select an option FalseTrue
2.		As a legal entity, a corporation has most of the rights and privileges of a person.		select an option TrueFalse
3.		Most of the largest U.S. corporations are privately held corporations.		select an option TrueFalse
4.		Corporations may buy, own, and sell property; borrow money; enter into legally binding contracts; and sue and be sued.		select an option FalseTrue
5.		The net income of a corporation is not taxed as a separate entity.		select an option TrueFalse
6.		Creditors have a legal claim on the personal assets of the owners of a corporation if the corporation does not pay its debts.		select an option FalseTrue
7.		The transfer of stock from one owner to another requires the approval of either the corporation or other stockholders.		select an option FalseTrue
8.		The board of directors of a corporation legally owns the corporation.		select an option FalseTrue
9.		The chief accounting officer of a corporation is the controller.		select an option FalseTrue
10.		Corporations are subject to fewer state and federal regulations than partnerships or proprietorships.