Practice Quiz

Paralegal Exam Prep - Question List

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231. How are executory contracts treated in a Chapter 11 bankruptcy proceeding?
  1. They are performed.
  2. They are performed, unless they require payment from the bankrupt company.
  3. The trustee always rejects them.
  4. The trustee may reject them.
  5. It they involve leases, the trustee rejects them.
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232. What is the required number of shares that must be represented in person or by proxy to hold a shareholders’ meeting?
  1. A quorum of shares.
  2. A majority of shares.
  3. A minority of shares.
  4. Two-thirds of shares.
  5. One-half of shares.
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233. What does a conversion right do?
  1. Allows a creditor to get paid prior to shareholders if the corporation liquidates.
  2. Allows a creditor to compel a corporation to convert debt owed to shares.
  3. Allows a shareholder to convert preferred stock into common stock.
  4. Allows shares to be purchased at a discounted price.
  5. Allows stock options to be exercised.
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234. The number of shares provided for in a corporation’s articles of incorporation is:
  1. The number of available shares.
  2. The number of discounted shares.
  3. The number of declared shares.
  4. The number of redeemable shares.
  5. The number of authorized shares.
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235. Authorized shares that have been sold by the corporation are:
  1. Issued shares.
  2. Converted shares.
  3. Lost shares.
  4. Delivered shares.
  5. Unavailable shares.
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