QUESTION 48

1. OSHA establishes safety standards for employers to follow and those standards may be updated from time to time.
2. True
3. False

QUESTION 49

1. A short-form merger can be accomplished only with the approval of a majority ofthe shareholders.
2. True
3. False

QUESTION 50

Jason is the chief executive officer of Specialty Magazines, Inc., which is required to file certain financial reports with the Securities and Exchange Commission (SEC). Under the Sarbanes-Oxley Act of 2002, Jason must

a. designate a corporate official to assume liability for inaccuracies.

b. do nothing.

c. read the reports and be prepared to answer questions about them.

d. certify that the reports are finish and accurate.

QUESTION 51

1. Daryl, Elsa, and Ferris are the directors of Go Apps, Inc. Go also has four officers and fourteen shareholders. Dividends can be ordered by the firm's
2. a.majority shareholders.
3. b.officers.
4. c.minority shareholders.
5. d.board of directors

QUESTION 52

1. The members of a joint venture have less implied and apparent authority than the partners in a partnership.
2. True
3. False

QUESTION 53

1. Miracle Mobile Devices, Inc., is a private, for-profit corporation that is owned by five shareholders who are members of the same family. Miracle is
2. a.a publicly traded corporation.
3. b.a nonprofit corporation.
4. c.a close corporation.
5. d.none of the choices.

QUESTION 54

1. The shares of Home Mortgage Corporation are publicly traded in securities markets. Home Mortgage Corporation is
2. a.a publicly held corporation.
3. b.a public corporation.
4. c.a close corporation.
5. d.a non-profit corporation.

QUESTION 55

1. Ernie is a director of Five-Star Properties, Inc. Ernie is also a property appraiser. Five-Star makes several purchases in which it pays too much. Ernie approves all the transactions without evaluating them. He is most likely liable for breach of
2. a.the duty of care.
3. b.the duty of loyalty.
4. c.none of the choices.
5. d.the business judgment rule.

QUESTION 56

1. Stocks represent the borrowing of funds by firms.
2. True
3. False