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Take Test Unit VIII Assessment

Question 1

  1. If an employee of a corporation, while carrying out the duties of their job, does something that causes injury or damage to a third party, the corporation will be liable for those injuries or damage under the doctrine of:

6 points   

Question 2

  1. A bond is:

6 points   

Question 3

  1. With respect to the formation of a corporation, a subscriber is:

6 points   

Question 4

  1. A corporation that meets specific conditions and that is taxed like a partnership is a(n):

6 points   

Question 5

  1. Shares of stock in a corporation that is issued to a shareholder for less than the market value of the stock is:

6 points   

Question 6

  1. If a shareholder sells his or her stock in a corporation, what is the effect of that sale on the corporation?

6 points   

Question 7

  1. Can a corporation that is incorporated in one state do business in other states?

6 points   

Question 8

  1. __________ represent ownership interests in a corporation.

6 points   

Question 9

  1. Dividends paid to shareholders by corporations are paid from profits of the corporation after the corporation has paid income taxes on those profits. When a shareholder receives a dividend, that dividend is taxable income to that shareholder. These income tax consequences are known as:

6 points   

Question 10

  1. Shareholders in a corporation elect __________ who are responsible for the overall management of the corporation.

6 points   

Question 11

  1. One of the negative aspects of the corporate form of doing business is double taxation, which occurs when a corporation pays dividends to shareholders from profits that have already been taxed and the dividends, when received by shareholders, are taxed again. How does the use of a subchapter S corporation address the issue of double taxation?

    Your response must be at least 75 words in length.

    For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).

20 points   

Question 12

  1. What is the difference between a de jure corporation and a de facto corporation, and what is necessary to form each?

    Your response must be at least 75 words in length.

    For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).

20 points   

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