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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. SOC record keeping requirements






2. Voucher System






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






4. Bank accounts






5. Special-purpose cash funds






6. 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

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7. Types of proceedings protected under SOX?






8. Objectives of Internal Control






9. Personal liability provision






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






11. Who signs Report for internal contro?






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






13. Bank statement






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






15. A distribution of profits of the corporation to shareholders






16. 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?






17. What is one of the most important controls to protect cash received in over-the-counter sales?






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






19. Additional shares of stock distributed as a dividend






20. 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






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






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






23. 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






24. A requirement that a greater than majority of shares constitutes a quorum of the vote of the shareholders






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






26. What new employee right was created by SOX?






27. 4 elements that must be proven to show usurping of corporate opportunity:

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28. 'The employee's claim of shareholder fraud does not have to be correct.'






29. Bank reconcilation steps






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






31. A system in which each shareholder votes the number of share he or she own on candidates for each of the positions open - also called noncumulative voting






32. Employees wishing to bring a lawsuit claiming they were discriminated or retaliated against in violation of SOX's whistleblower protection must first do what?

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33. 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






34. Failure of a corporate director or officer to exercise the duty of care while conducting the corporation's business






35. An agreement that requires a selling shareholder to offer his or her shares for sale to the other parties to the agreement before selling them to anyone else






36. 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






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






38. Why did Congress pass SOX?






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






40. A meeting of the shareholders of a corporation that must be held by the corporation to elect directors and to vote on other matters

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41. The employee must also service the notice on whom?






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






43. Sox important Organizations that you must know






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






45. Internal Complaint Procedures






46. A member of the board of directors who is also an officer of the corporation






47. 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






48. Employees of a corporation who are appointed by the board of directors to manage the day-to-day operations of the corporation






49. The penalties that may be imposed under SOX.






50. Elements of Internal Control







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