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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. Public companies and company representatives are not permitted to retaliate against an employee in the __ or __ of his/her employment because the employee provided information - participated in an investigation - or participated in a proceeding relat






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






3. The employee is required to do what relative to protected whistleblowers?


4. Examples of complaints found not to be covered under SOX






5. Voucher






6. If OSHA investigates - it will issue findings and a preliminary order within __ days after the complaint is filed.






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






8. SOX (or SARBOX)






9. Under what conditions may an employee claim protection of SOX?






10. SOX creates __ for company representatives.






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






12. 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






13. Bank accounts






14. If OSHA does not issue a final decision on the employee's complaint within 180 days after the complaint is filed - the employee can do what?






15. Special-purpose cash funds






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






17. Internal Complaint Procedures






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






19. Company representative






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






21. Meetings of a shareholders that may be called to consider and vote on important or emergency issues - such as a proposed merger or amending the articles of incorporation


22. Even if the employee provides evidence of individual complaints - OSHA will not investigate under what condition?






23. SOX deadlines


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






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






26. A written document that a shareholder signs - authorizing another person to vote his or her shares at the shareholders' meetings in the event of the shareholder's absence






27. Types of proceedings protected under SOX?






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






29. What is the stated purpose of SOX?






30. 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






31. The criminal provision of SOX






32. What is required to qualify as a protected whistleblower






33. Sox important Organizations that you must know






34. Either party may object to these findings and request a hearing within __ days after receiving the finding and order.






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






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






37. Who signs Report for internal contro?






38. Rights that give existing shareholders the option of subscribing to new share being issued in proportion to their current ownership interests






39. Elements of Internal Control






40. What provision is enforced by the SEC only?


41. 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






42. A panel of decision makers who are elected by the shareholders






43. Objectives of Internal Control






44. The duties of obedience - care - and loyalty owed by directors and officers to their corporation and its shareholders






45. Either party may request a review of the judge's decision by filing a __ with the __ within __ days after the date on the judge's order






46. A duty that directors and officers of a corporation have to act within the authority conferred upon them by state corporation codes - the articles of incorporation - the corporate bylaws - and the resolutions adopted by the board of directors






47. Additional shares of stock distributed as a dividend






48. If a hearing is requested - it will be held before an __ who will issue a __ and __.






49. Bank reconcilation steps






50. The penalties that may be imposed under SOX.