1) Which of the following is true about dividends?
A) Cash or property dividends, once declared, can be revoked.
B) Officers of the corporation may opt to retain profits for corporate purposes instead of as dividends.
C) Shareholders can sue to recover undeclared and paid dividends.
D) Dividends are paid at the discretion of the board of directors.
2) Which of the following is true of an S corporation?
A) The corporation can have no more than 100 shareholders.
B) Only foreign corporations can be an S corporation.
C) They are taxed at the corporate level.
D) The corporation must be a member of an affiliated group of corporations.
3) Which of the following policies helps a corporate officer from being sued for honest mistakes made on behalf of a corporation?
A) duty of loyalty
B) duty of obedience
C) business judgment rule
4) The Sarbanes-Oxley Act officially applies only to a ________ corporation.
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