Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

GOOD GOVERNANCE > CHAPTER 2 > Flashcards

CHAPTER 2 Flashcards

1
Q

Legal entity created by an individual or group of shareholders who have ownership of the corporations to engage in business activities.

A

Corporation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Legal entities and are sometimes defined as “__”

A

Legal persoms

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Compnay or organization that has legal rights and responsibilites

A

Legal Entity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

The right to make contracts and the responsibility to pay debts

A

Legal Entity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What’s the maximum numbers of incorporators

A

20

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

How many year is perpetual corporate term

A

50

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Allow a single person to form corporation without board of directors

A

One Person Corporation (OPC)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

System of rules, practices, and processes by which a firm is directed and controlled.

A

Corporate Governance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Balancing the interests of a company’s many stakeholders

A

Corporate Governance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Put into place to protect various stakeholder, prevent corporate scandals, and failures from happening

A

Corporate Governance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Help guide a company’s decision / play a big part in makind decision

A

Business Aims and Objectives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Clear direction for the company / help in setting priorities

A

Business Aims and Objectives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Clear direction for the company / help in setting priorities

A

Business Aims and Objectives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Broad generals that summarize what a company wants to achieve

A

Business Aims

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Specific measureable targets that helps a company achieve its aims

A

Business Objectives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Defines the organization’s business, its objectives and how it will reach these objectives

A

Mission Statement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Outlines the company’s long-term goals and aspirations / long-term growth and impact on the world

A

Vision Statement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What are the effective business criteria

A

specific
measurable
achievable
realistic
time-bound

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Well defines/ Clear Outcome / answers the 3W questions

A

Specific

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

One that is possible to achieve / given the resources and constraints

A

Achievable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Clear criteria / Allows you to track your progress along the way

A

Measurable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Clear timeline for completion / Provides motivation and sense of urgency to achieve the goal

A

Time Bound

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Achievable and Aligned / overall vison and longer objectives

A

Realistic

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

What are the Business Objectives

A

Survival
Profit Maximization
Profit Satisficing
Sales Growth

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Short term objective / short trembly for small business / new firm enters the market

A

Survival

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Make the most profit possible / aim of the owners and shareholders

A

Profit Maximizations

27
Q

Make enough profit possible / aim of the small business owner and do not want to work for longer hours

A

Profit Satisficing

28
Q

Tries to make as many sales as possible / this may bec the managers believe that the survival of the bus depends on being large

A

Sales Growth

29
Q

Co-op & Body Shop / how one should treat the environment / and people who are less-fortunate

A

Ethically and socially responsible objectives

30
Q

Run to not only generate a profit but provid a service to the public

A

Public Sector corporation

31
Q

Meet the needs of the less well-off in society / help improve the ability of the economy to function

A

Public Sector Corporation

32
Q

Cheap and accessible transport service

A

Public Sector Corporation

33
Q

Monitor or Control private sector activities / monitoring complies with the laws laid down

A

Public Sector Organization

34
Q

Most private schools for instances have charitable status / Enhancement of their pupils through education

A

Health care and educational establishment

35
Q

Their aims and objectives are led by the beliefs they stands for

A

Charities and Voluntary Organization

36
Q

Responsible for leading and managing the entire organization / Collaborate with the board for the overall direction of the company

A

Chief Executive Officer

37
Q

Not only provide leadership but also play an important role in the governance practices of the company

A

Chairman of the board

38
Q

Best enitiy in steering the company’s strategic direction / evaluating its performance

A

Board of Directors

39
Q

Considered owners of the company through their ownership / Holding of stocks share

A

Shareholders

40
Q

Seeks to maximize stock price increase over a period of time

A

Shareholders

41
Q

Who are affected by how a corporation operates

A

Stakeholders

42
Q

What are the Directors Classification

A

Independent Director
Non-Executive Director
Executive Director

43
Q

Individuals who have no connection with the company and are free form any relationship

A

Independent Director

44
Q

Who are not part of the management but related to a certain aspect of the company

A

non-executive director

45
Q

Hold a particular executive position inside the organization such as CEO or other senior executive position

A

Executive Director

46
Q

Usually makes the decision on corporate policy and operations

A

President

47
Q

Assumes the president’s function / responsible for running part of the corporation’s business or operations

A

Vice President

48
Q

Makes and keeps the corporate books and records / Records of directors and shareholders / meeting

A

Secretary

49
Q

Keeps the corporation’s money / responsible for taxes, financial reports, etc.

A

Treasurer

50
Q

send out notices to corporate meeting

A

Secretary

51
Q

Keep a register of the names and addresses of stakeholders.

A

Secretary

52
Q

Keeps the corporate seal

A

Secretary

53
Q

Are formed because boardwork can be done effectively. By focusing and discussing, particular issues

A

Committees

54
Q

The time management of director is

A

Optimizide

55
Q

As a result of corporate meltdowns / has become non negotiable aspect of good governance.

A

Audit Committee

56
Q

The main of thi is to oversee accounting and financial reporting processes and results.

A

Audit Committee

57
Q

They make sure that internal and external audits are carried out with integrity

A

Audit Committee

58
Q

Identifying compensation and benefit plans for directors and senior executives

A

Remuneration Committee

59
Q

Identifying compensation and benefit plans for directors and senior executives through ___

A

Performance Appraisals

60
Q

Excessive Compensation packaged during economic downtures of financial crises warrant a closer investigation of the rationale behind said compensation

A

Remuneration Committee

61
Q

assure an effective working board / must be independent thinkers / should nominate the right mix of board members

A

Nomination Committee

62
Q

Other committee can be formed bu the board as part of good governance but this will depend on the need and circumstances of a company

A

Nomination Committee

63
Q

Allows you to check your corporation’s compliance with your rule book and the law

A

Healthy Corporation Checklist

GOOD GOVERNANCE (4 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions