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Exam 6: Firms, the Stock Market, and Corporate Governance

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Question 131

True/False

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In the United States,corporate profits are taxed at the corporate level and then are taxed again as personal income in the form of dividend payments.

A) True
B) False

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Question 132

Multiple Choice

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Who operates and controls a corporation in its day-to-day activities?

A) the board of directors
B) stockholders
C) employees
D) management

E) None of the above
F) A) and C)

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Question 133

Multiple Choice

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Laura's Pizza Place incurs $800,000 per year in explicit costs and $100,000 in implicit costs.The restaurant earns $1.3 million in revenues and has $5 million in net worth.Based on this information,what is economic profit for Laura's Pizza Place?

In response to accounting scandals in 2002,the federal government passed legislation requiring that corporate directors have a certain level of expertise with financial information and mandating that chief executive officers personally certify the accuracy of financial statements.What is the name of this legislation?

One result of the financial meltdown of the late 2000s was that mortgage institutions ________ and ________ were brought under direct control of the government.

Accounting profit is the difference between a firm's revenue and its opportunity costs.

An implicit cost is

If you purchase a share of stock from your friend who initially purchased the stock three years ago,your purchase of the stock represents a transaction in the primary financial market.

Eighty-five percent of all firms employ ________ workers.

Anything owed by a person or a firm is