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Sarbanes Oxley Act: SOX Corporate Governance

Instructions:
  • Answer 50 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. Types of proceedings protected under SOX?






2. Example of whistle blowing activities that DOL has found to be covered under SOX.






3. The Board can either adopt the judge's decision as its own or __ the case itself






4. What are the conditions under which OSHA will investigate individual complaints?






5. Bank statement






6. A member of a board of directors who is not an officer of the corporation






7. An agreement between two or more shareholders that stipulates how they will vote their shares






8. What is required to qualify as a protected whistleblower






9. Voucher






10. What is the stated purpose of SOX?






11. How does this Act define 'harm'?






12. Bank accounts






13. Special-purpose cash funds






14. 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






15. Bank reconcilation steps






16. To be protected by sox an employee must do one of what activities?






17. The required number of share that must be represented in person or by proxy to hold a shareholders' meeting - the RMBCA establishes a majority of outstanding share as this term






18. Usurping of corporate opportunity


19. SOX states that __ - __ - __ - __ and __ all constitute retaliation.






20. An arrangement in which the shareholders transfer their stock certificates to a trustee who is empowered to vote the shares






21. A duty that directors and officers have not to act adversely to the interests of the corporation and to subordinate their personal interests to those of the corporation and its shareholders






22. 4 elements that must be proven to show usurping of corporate opportunity:


23. SOX generally only applies to __ - however - it's whistleblower provision also applies to company representatives.






24. Internal Complaint Procedures






25. A report provided to shareholders that contains a balance sheet - an income statement - and a statement of changes in shareholder equity






26. The employee must file a notice with the administrative law judge assigned to the original complaint __ days before filing the lawsuit.






27. SOX (or SARBOX)






28. The number of directors necessary to hold a board meeting or transact business of the board






29. What employees are protected under SOX?






30. Who signs Report for internal contro?






31. What about an employee whose complaint is based on a feeling or hunch - in the absence of any evidence?






32. What procedures must the audit committee of a public company establish?






33. A rule that says directors and officers are not liable to the corporation or its shareholders for honest mistakes of judgment






34. If a public company fails to adopt the complaint procedures mandated by SOX what may happen?






35. A distribution of profits of the corporation to shareholders






36. A date specified in corporate bylaws that determines whether a shareholder may vote at a shareholders' meeting






37. Sox important Organizations that you must know






38. The criminal provision could apply to anyone who ____________ - whether or not the perpetrator works for or has any association with a public company






39. Why did Congress pass SOX?






40. Audit committee


41. The penalties that may be imposed under SOX.






42. What provision is enforced by the SEC only?


43. A doctrine that says if a shareholder dominates a corporation and uses it for improper purposes - a court of equity can disregard the corporate entity and hold the shareholder personally liable for the corporation's debts and obligations - also calle






44. Establishes establishes far reaching rules regarding coporate governance; CEO and CFO certification; reimbursement of bonuses and incentive pay; prohibition on personal loans; tampering with evidence; bar from acting as an officer/director






45. A lawsuit a shareholder brings against an offending party on behalf of a corporation when the corporation fails to bring the lawsuit






46. Public company






47. The company or person must present evidence within __ days after receiving notice of the complaint.






48. SOX creates __ for company representatives.






49. Sarbanes-Oxley Act of 2002






50. What new employee right was created by SOX?