Chapter 17 Question and answers 100% correct 2024/2025
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Course
ACCT
Institution
ACCT
Chapter 17 Question and answers 100% correct 2024/2025 Chapter 15, Chapter 17, Chapter 19, Chapter 21, Chapter 20, Chapter 26
Assume you own 1,000 shares of stock in a firm for which four directors' seats are up for election. If you can cast 1,000 votes in each of the four elections, then the f...
Chapter 15, Chapter 17, Chapter 19,
Chapter 21, Chapter 20, Chapter 26
Assume you own 1,000 shares of stock in a firm for which four directors' seats
are up for election. If you can cast 1,000 votes in each of the four elections,
then the firm uses ________ voting.
cumulative
market share
sequential
Straight
There are three directors' seats up for election. If you own 1,000 shares of
stock and have been granted a total of 3,000 votes to cast in a single election,
then the firm uses the voting procedure referred to as:
a.cumulative voting.
b. straight voting.
c.sequential voting.
d.market share voting.
e.absolute priority voting
cumulative
Of the following statements about preferred stock, which one is correct?
Multiple Choice
,Unlike dividends paid on common stock, dividends paid on preferred stock are
a tax-deductible expense.
Dividends on preferred stock payable during the next twelve months are
considered to be a corporate liability.
There is no significant difference in the voting rights granted to preferred and
common shareholders.
Preferred stock usually has a stated liquidating value of $100 per share.
If preferred dividends are non-cumulative, then preferred dividends not paid in
a particular year will be carried forward to the next year.
Preferred stock usually has a stated liquidating value of $100 per share.
A ________ is when a group other than the current management team solicits
the authority to vote shares as part of an effort to replace the current
management team.
Multiple Choice
both employee and non-employee directors
directors that have been assigned differing numbers of votes per seat.
terms that expire at different times.
directors elected solely by one class of shareholders.
representation from various classes of stock
terms that expire at different times.
There are five seats on the board of directors of Serbone Equity that are up
for election. The firm has 320,400 shares of stock outstanding and uses
straight voting. Each share is granted one vote for each open seat. How many
shares must you control if you want to guarantee your election to the board
and no one else votes for you?
A ________ grants authority to someone other than the shareholder to vote
shares of stock.
Multiple Choice
power-of-share authorization
general right of execution
share authority grant (SAG)
restricted conveyance
proxy
proxy
Why might a firm issue different classes of stock? In order to:
Multiple Choice
reduce the firm's dividend obligation.
distinguish the time periods in which the various shares were issued.
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