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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. Bank accounts






3. Sarbanes-Oxley Act of 2002






4. What employees are protected under SOX?






5. 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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6. Special-purpose cash funds






7. Internal Complaint Procedures






8. Public company






9. Bank statement






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






11. 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






12. The penalties that may be imposed under SOX.






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






14. 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






15. Personal liability provision






16. Voucher System






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






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






19. 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






20. Voucher






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






22. Types of proceedings protected under SOX?






23. The criminal provision of SOX






24. 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






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






26. Bank reconcilation






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






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






31. 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






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






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






34. 4 elements that must be proven to show usurping of corporate opportunity:

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






36. Audit committee

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37. Objectives of Internal Control






38. What provision is enforced by the SEC only?

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






40. Who signs Report for internal contro?






41. Why did Congress pass SOX?






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






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






44. Additional shares of stock distributed as a dividend






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






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






47. What is required to qualify as a protected whistleblower






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






49. 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






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