11) Merrick and Stanley Corporation has 28,000 outstanding shares. During a proposal for a merger, the shareholders decide to increase the quorum of the vote of shareholders to 75 percent using the supramajority voting rule. How many minimum affirmative votes are needed to pass the supramajority voting requirement?
A) 14,001
B) 21,280
C) 21,000
D) 28,000
12) Kinderfelt Corporation has 15,000 outstanding shares of which Gordon owns 2,000. Kinderfelt plans to raise more capital by issuing another 10,000 shares of stock. With preemptive rights, how many of the new shares does Gordon have the right to buy before they are sold to the public?
A) 10,000
B) 3,000
C) 5,000
D) 2,000
13) According to the Revised Model Business Corporations Act (RMBCA), what establishes a quorum to hold a meeting of the shareholders?
A) a majority of outstanding shares
B) a majority of unissued shares
C) a majority of treasury shares
D) a majority of liquidated shares
14) ________ is a system in which each shareholder votes the number of shares he or she owns on candidates for each of the positions open.
A) Cumulative voting
B) Straight voting
C) Supramajority voting
D) Trust voting
15) A system in which a shareholder can accumulate all of his or her votes and vote them all for one candidate or split them among several candidates is known as ________.
A) trust voting
B) noncumulative voting
C) cumulative voting
D) supramajority voting
16) ________ is a requirement that a greater than majority of shares constitutes a quorum of the vote of the shareholders.
A) Supramajority voting
B) Shareholder majority voting
C) Quorum share voting
D) Cumulative voting
17) An arrangement in which the shareholders transfer their stock certificates to a trustee who is empowered to vote the shares is known as ________.
A) supramajority voting
B) voting trust
C) cumulative voting
D) noncumulative voting
18) Which of the following is true of a shareholder voting agreement?
A) It is an agreement between the board of directors and a shareholder.
B) It has a limited duration of 10 months.
C) It does not have to be filed with the corporation.
D) It is always revocable.
19) A ________ is an agreement that requires a selling shareholder to offer his or her shares for sale to the other parties to the agreement before selling them to anyone else.
A) shareholder voting agreement
B) preemptive sale
C) buy-and-sell agreement
D) right of first refusal
20) An agreement that requires selling shareholders to sell their shares to the other shareholders or to the corporation at the price specified in the agreement is referred to as a ________.
A) preemptive sale
B) right of first refusal
C) buy-and-sell agreement
D) shareholder voting agreement
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