Please answer it correctly. Please answer the question using business law and business law concept. Please dont copy it. Its multiple choice questions plz answer it

1.In order to succeed in an action to pierce the corporate veil, plaintiff must prove:

A. That the corporations shareholders have exercised dominion of the corporation for an improper purpose.

B. That the shareholders have failed to register the corporation to do business in the state where the action is brought.

C. That the corporation is registered to do business in the state where the action is brought.

D. A and B but not C.

2. Which of the following is a characteristic of preferred shares?

A. Preferred shareholders receive priority in liquidation of the corporations assets over common shareholders.

B. Preferred shareholders receive dividends before common shareholders.

C. Preferred shareholders have voting rights superior to common shareholders.

D. A and B but not C.

3. In Escott v. BarChris Construction Corp., the Court concluded that defendant Peat Marwick:

A. Had not established a defense of due diligence under section 11(b) of the Securities Act of 1933 because, among other things, it failed to conduct an S-1 review.

B. Had established a defense of due diligence under section 11(b) of the Securities Act of 1933 because, among other things, it conducted an S-1 review and properly reported on material changes regarding BarChris financial condition.

C. Had not established a defense of due diligence under section 11(b) of the Securities Act of 1933 because, among other things, its accountants failed to undertake all the steps its audit program required and failed to follow up on danger signals revealed in BarChris documents.

D. Had established a defense of due diligence under section 11(b) of the Securities Act of 1933 because, among other things, it demonstrated that it had properly discovered and disclosed BarChris operation of a bowling alley under the name Capitol Lanes.

4. Hamish purchased the securities of the ABC Corporation (ABC), whose stock is traded on the New York Stock Exchange. Hamish believes he lost over $100,000 on those securities after ABC's president admitted that ABCs financial statements contained statements about the profitability of ABC which were significantly exaggerated. Andy Accountant (AA) had audited those statements and had issued an unqualified opinion that they complied with GAAP. Hamish has now brought an action against AA under Section 10(b) of the Securities Exchange Act of 1934 and SEC Rule 10b-5. To succeed, Hamish must prove that:

A. Hamish was in privity of contract with ABC and/or AA.

B. Hamish was a foreseeable user of the financial statements audited by AA.

C. AA's actions materially aided and abetted the wrongful acts of ABC.

D. AA acted with scienter.

5.Under the Private Securities Litigation Reform Act of 1995, which of the following actions must an auditor undertake if she determines that the public company client has committed an illegal act with a material impact on the clients financial statements?

A. Make an 8-K filing with the SEC within four business days of the accountants determination.

B. Calculate the prospective impact on the clients financial statements and, unless the impact is inconsequential, inform the clients management and audit committee.

C. File a Form 95 Report with the Public Company Accounting Oversight Board.

D. Maintain the confidentiality of the information under the Federal Professional-Client Privilege

then answer at least two