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






3. The penalties that may be imposed under SOX.






4. 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






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






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






7. What new employee right was created by SOX?






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






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






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






11. Special-purpose cash funds






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






13. Sarbanes-Oxley Act of 2002






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






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






16. SOX creates __ for company representatives.






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






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






20. 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






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






22. 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






23. Elements of Internal Control






24. What provision is enforced by the SEC only?

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






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






27. 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






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






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

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30. Voucher






31. SOX (or SARBOX)






32. Voucher System






33. What employees are protected under SOX?






34. What is required to qualify as a protected whistleblower






35. Company representative






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






37. 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






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






39. SOX deadlines

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






41. 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?






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






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






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






45. Personal liability provision






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






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






48. Bank reconcilation






49. Types of proceedings protected under SOX?






50. Bank reconcilation steps