The costs of bringing a corporation into existence, including legal fees, promoter fees, and amounts paid to obtain a charter are called: A. Minimum legal capital. B. Stock subscriptions. C. Organization expenses D. Selling expenses. E. Prepaid fees. The right of common shareholders to purchase their proportional share of any common stock later issued by the corporation is called a: A. Preemptive right B. Proxy right. C. Right to call. D. Financial leverage. E. Voting right. A proxy is: A. A document that delegates a stockholder's voting rights to an agent. B. A contractual commitment by an investor to purchase unissued shares of stock. C. An amount of assets defined by state law that stockholders must invest and leave invested in a corporation. D. The right of common stockholders to protect their proportionate interests in a corporation by having the first opportunity to purchase additional shares of common stock issued by the corporation. E. An arbitrary amount assigned to no-par stock by the corporation's board of directors. The board of directors of a corporation: A. Are elected by the corporate registrar. B. Are responsible for day-to-day operations of the business. C. Do not have the power to bind the corporation to contracts, due to lack of mutual agency. D. May not also be executive officers of the corporation, due to the separate entity principle. E. Are responsible for and have final authority for managing corporate activities. The number of shares that a corporation's charter allows it to sell is referred to as: A. Issued stock. B. Outstanding stock. C. Common stock. D. Preferred stock. E. Authorized stock