PARKER COB 318 FINAL EXAM |
COMPREHENSIVE BUSINESS STUDY
GUIDE, PRACTICE QUESTIONS &
ANSWERS 2026/2027
Your answers
1 of 134
Definition
In a given state, a corporation that is organized under the law of that
state.
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Resident corporation Benefit corporation
Domestic corporation Foreign corporation
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2 of 134
Definition
,In corporate law, formal authorization to serve as an agent for
corporate shareholders and vote their shares in a certain manner.
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Warrant Limited Partner
Principal Proxy
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3 of 134
Definition
A party's act of accepting or giving legal force to a previously
unenforceable contract or other obligation entered into on that party's
behalf by another party.
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Novation Emancipation
Restitution Ratification
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, 4 of 134
Definition
A person on the board of directors who is also an officer of the
corporation.
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Outside consultant Inside director
Inside dictator Outside director
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5 of 134
Definition
A hybrid form of business enterprise that offers the limited liability of
the corporation and the tax advantages of a partnership.
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S CORPORATION LLC
OSHA LLP
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6 of 134
Definition
agent can be liable for breach
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legitimate principal fully disclosed principal
partially disclosed principal undisclosed principal
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7 of 134
Definition
is an agency relationship that is created by an oral or written contract
between the agent and principal.
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Agency by Agreement Agency by Ratification
COMPREHENSIVE BUSINESS STUDY
GUIDE, PRACTICE QUESTIONS &
ANSWERS 2026/2027
Your answers
1 of 134
Definition
In a given state, a corporation that is organized under the law of that
state.
Give this one a go later!
Resident corporation Benefit corporation
Domestic corporation Foreign corporation
Don't know?
2 of 134
Definition
,In corporate law, formal authorization to serve as an agent for
corporate shareholders and vote their shares in a certain manner.
Give this one a go later!
Warrant Limited Partner
Principal Proxy
Don't know?
3 of 134
Definition
A party's act of accepting or giving legal force to a previously
unenforceable contract or other obligation entered into on that party's
behalf by another party.
Give this one a go later!
Novation Emancipation
Restitution Ratification
Don't know?
, 4 of 134
Definition
A person on the board of directors who is also an officer of the
corporation.
Give this one a go later!
Outside consultant Inside director
Inside dictator Outside director
Don't know?
5 of 134
Definition
A hybrid form of business enterprise that offers the limited liability of
the corporation and the tax advantages of a partnership.
Give this one a go later!
S CORPORATION LLC
OSHA LLP
, Don't know?
6 of 134
Definition
agent can be liable for breach
Give this one a go later!
legitimate principal fully disclosed principal
partially disclosed principal undisclosed principal
Don't know?
7 of 134
Definition
is an agency relationship that is created by an oral or written contract
between the agent and principal.
Give this one a go later!
Agency by Agreement Agency by Ratification
