Question1. Millard and Locke are shareholders of Fillmore Transport

1. Millard and Locke are shareholders of Fillmore Transport, Inc. Which the following Fillmore actions would require their approval?

a. Hiring of a chief executive officer

b. Declaring a corporate dividend

c. Amending the articles of incorporation

d. All of the above

2. The bylaws of a corporation

a. are adopted at its first organizational meeting.

b. are submitted for approval to the public official in charge.

c. establish the value and classes of corporate stock.

d. establish the operating name of the corporation.

3. The minimurn number of shareholders that must be present at a meeting before shareholders can vote is

a. a voting trust.

b. a voting list

c. a quorum.

d. a proxy.

of

4. Abe and Mary are shareholders of Lincoln Construction Company. Lincoln must hold a shareholders’ meeting

a. once a month.

b. once a year.

C. once every two years.

d. only when it is called by the board of directors.

5. Taj Mahal, Inc., a franchisor of pizza restaurants, wishes to standardize the pricing practices of its franchisees, who have engaged in price-cutting to increase their respective shares of the market. The most prudent remedy might be for Taj to

a. set the prices at which its franchisees sell their products to the public.

b. publish a list of suggested prices.

c. terminate those franchisees who continue to cut prices.

d. none of the above.

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