Which one of the following best illustrates the ultimate control of the firm? Multiple choice question. Control of the firm ultimately rests with the board of directors. They hire the management, who, in turn, run the company on a daily basis. Control of the firm ultimately rests with regulatory bodies who oversee firm's operations. Control of the firm ultimately rests with the management who run the company on a daily basis. Control of the firm ultimately rests with shareholders. They elect the board of directors, who, in turn, hire and fire management