An international corporation is one which
a. is owned by individuals in more than one country
b. has production facilities in more than one country
c. markets its product in more than one country
d. is owned by individuals in one country but has its production facility in another
e. is owned in part by private individuals and by governments
67. An advantage of owning stock in a corporation as opposed to being a bondholder is that
a. stocks carry a guaranteed dividend
b. stock dividends are paid out of corporate profits before the bondholders are paid
c. stockholders’ dividends are linked to the size of the corporation’s profits
d. bonds carry more risk
e. bond payments are not guaranteed by the government
68. Which of the following strategies might a corporation follow to avoid a takeover?
a. refuse stockholders the right to sell their stock
b. announce that all common stock will now be nonvoting
c. announce that all stock will now become bonds
d. use corporate retained earnings to purchase outstanding stock
e. refuse to permit any potential raider access to any corporate records
69. In a hostile takeover,
a. existing management of the target company opposes the takeover
b. management of the buying company opposes the takeover
c. the government opposes the takeover
d. stockholders of the target company oppose the takeover
e. bondholders of the target company oppose the takeover
70. How can a person be an indirect stockholder?
a. by owning stock in a fictitious name
b. by owning stock in one company and bonds in another company
c. by the government owning stock in a corporation
d. by a spouse owning stock in a corporation
e. by being a part of a pension fund that invests in stock in corporations
71. The primary difference between a proprietorship and partnership form of business
a. the proprietorship is subject to unlimited liability, and a partnership is subject to
b. the proprietorship is primarily international, and the partnership is primarily
c. the number of persons involved in the ownership and management of the enterprise
d. the proprietorship produces products, and the partnership produces services
e. the proprietorship finances expansion through the issue of stocks, and the partnership
relies on bonds
72. Brian is the sole proprietor owner of Long Voyage Software, which writes programs to
generate maps for wilderness trips. He started the business with an initial investment of
$80,000. A faulty map caused one customer to get hopelessly lost. After her rescue and
recuperation, she sued Long Voyage Software for $5,000,000. Which of the following is true?
a. The customer can be awarded only $80,000—what the firm has available to pay.
b. The customer can be awarded $5,000,000, but can get only $80,000.
c. The customer can be awarded $5,000,000, but Brian personally won’t have to pay
more than $80,000.
d. If $5,000,000 is awarded, Brian will have to pay none of it.
e. If $5,000,000 is awarded, Brian is personally responsible for paying all of it.
73. Suppose you form a legal partnership with your best friend, and she purchases consulting
services calling for a $100,000 fee. Your business is broke, and you never wanted the
consultants to work for you, just your partner did. For how much of this debt are you
a. none of it
c. the proportion reflected by the proportion of the business owned
d. only an amount equal to the assets of the business
74. A firm with one owner, who typically relies on his or her own financial means to
purchase inputs, is called a
b. sole proprietorship
75. Which of the following is considered to be the main disadvantage of the sole
proprietorship form of business organization?
a. The proprietor and the firm are legally inseparable.
b. The proprietor has personal independence.
c. The focus of the proprietorship is on local markets.
d. The access to local and family labor promotes legal dependence.
e. The lack of a bureaucratic structure impedes growth.
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