QUESTION 20

1. ABC Corp. is incorporated in the State of New Jersey and is doing business in New York. In New York it is properly referred to as:

   	a.	A Domestic Corporation
   	b.	A Foreign Corporation
   	c.	An Alien Corporation
   	d.	A State Corporation

2.75 points

QUESTION 21

1. A Sub Chapter S Corporation:

   	a.	has the advantages and disadvantages of a partnership but is taxed like a corporation
   	b.	is structured like an LLC but is taxed like a limited partnership
   	c.	can only be owned and have as its shareholder a parent corporation
   	d.	has the advantages and disadvantages of a standard corporation but is treated for tax purposes as a sole proprietorship or partnership

2.75 points

QUESTION 22

1. A restrictive endorsement

   	a.	may prevent somoeone who has taken the check from becoming a holder or holder in due course
   	b.	is the same as an endorsement in blank
   	c.	changes order paper to bearer paper
   	d.	prevents a check from being negotiated

2.75 points

QUESTION 23

1. A check is negotiated by

   	a.	endorsement only
   	b.	delivery only
   	c.	delivery and endorsement
   	d.	only when it is cashed and the proceeds are received

2.75 points

QUESTION 24

1. The parties to a negotiable instrument are

   	a.	the payor, drawer and drawee
   	b.	the payor, payee and bank
   	c.	the payee, promisee and drawer
   	d.	the payee, drawer and drawee