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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. Objectives of Internal Control






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






3. Sox important Organizations that you must know






4. Additional shares of stock distributed as a dividend






5. Sarbanes-Oxley Act of 2002






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






7. Public company






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

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






10. Internal Complaint Procedures






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






12. 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






13. 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






14. 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






15. Bank reconcilation






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






18. 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






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






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






21. 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?






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






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






24. A duty of corporate directors and officers to use care and diligence when acting on behalf of the corporation






25. SOC record keeping requirements






26. What is required to qualify as a protected whistleblower






27. Personal liability provision






28. Bank accounts






29. 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






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






31. What provision is enforced by the SEC only?

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






33. The SEC regulations to not require companies to follow what?






34. Bank statement






35. What new employee right was created by SOX?






36. 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






37. 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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38. 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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39. Remittance Advice






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






41. Special-purpose cash funds






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






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






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






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






46. 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






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






48. What employees are protected under SOX?






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






50. SOX creates __ for company representatives.