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QUESTION 2 An agency relationship can be created by: a. the implied conduct of the parties. b. an oral agreement. c. a written agreement. d.

QUESTION 2

An agency relationship can be created by:

a.

the implied conduct of the parties.

b.

an oral agreement.

c.

a written agreement.

d.

All of the above are correct.

QUESTION 4

Who keeps the minutes of meetings of the directors and shareholders, and other general corporate records such as the lists of stock holders?

a.

The Secretary

b.

The Chairman

c.

The Vice President

d.

The Treasurer

QUESTION 7

Angela created a corporation for her business, Angela's Apple Pies & More.She is the sole shareholder of the corporation.In her Statement of Information filed about the corporation, Angela is listed as the President/CEO, Treasurer and Secretary.Angela is entitled to hold all of these offices because she is the sole shareholder.

True

False

QUESTION 11

Notice:This question may have more than one correct answer.

Which factors are required for the formation of an LLC?

a.

Articles must be filed with the Secretary of State.

b.

Annual reports should be filed with the Secretary of State.

c.

The name of the LLC must include the words "limited liability company" or some other clear indication of the limited liability feature.

d.

It must be set up so that it can be easily dissolved.

QUESTION 16

In 2014, California amended its limited liability statute to allow that form of business entity to have an existence of unlimited duration.

True

False

QUESTION 17

Jeremy decided to relocate to New Jersey.Jeremy hired Ready Realtors to find a buyer for his house in California and manage the sale of the house.The agency relationship between Jeremy and Ready Realtors must be in writing.

True

False

QUESTION 21

The Foreign Corrupt Practices Act makes it a crime:

a.

for non U.S. companies to sell unregistered securities in the U.S.

b.

to conspire to defraud stock purchasers in other countries.

c.

for U.S. companies to sell unregistered stock in other countries.

d.

to "bribe" foreign governments or officials.

QUESTION 30

The first person to head the Securities and Exchange commission was Joseph P.Kennedy,Sr.

True

False

QUESTION 32

Unlike a consolidation, when a merger occurs the two or more formerly separate corporations become part of a new corporation.

True

False

QUESTION 34

Which of the following statements is correct?

a.

Bonds are long-term debt secured by company assets.

b.

Debentures are long-term unsecured debt.

c.

Notes are short-term debt and may be secured or unsecured

d.

All the above are correct.

3 points

QUESTION 35

Ratification:

a.

releases the agent from liability to the principal and the third party.

b.

must be expressed and may not be implied from the actions of the principal.

c.

does not give the principal the benefit of contracts entered into by the agent.

d.

can be effective only if the agent did not disclose the principal to the third party.

3 points

QUESTION 36

A corporation that officially states in its Articles of Incorporation that its purpose is "to engage in any lawful activity for the corporations may be organized under the General Corporate Law of the State of California" has not sufficiently defined the corporation's purpose, which must be more narrowly defined.

TRUE

FALSE

QUESTION 42

Nick is the owner of 70% of the preferred stock of Global Domination, Inc.The Board of Directors notifies all shareholders that the company intends to redeem all preferred stock, pursuant to Global Domination's Articles of Incorporation.Nick organizes a petition signed by all preferred stockholders objecting to the redemption.Because of the unanimous opposition, the Board cannot force the preferred shareholders to sell.

True

False

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