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Sarbanes Oxley Act: SOX Corporate Governance

Instructions:
  • Answer 50 questions in 15 minutes.
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  • 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. The criminal provision could apply to anyone who ____________ - whether or not the perpetrator works for or has any association with a public company






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






3. 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






4. A member of a board of directors who is not an officer of the corporation






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






6. 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






7. Audit committee

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8. Remittance Advice






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






10. Company representative






11. Bank reconcilation






12. 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






13. Usurping of corporate opportunity

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






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






17. 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






18. 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






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






20. 4 elements that must be proven to show usurping of corporate opportunity:

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






22. 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?






23. SOX deadlines

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24. What new employee right was created by SOX?






25. What employees are protected under SOX?






26. Sarbanes-Oxley Act of 2002






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






28. Voucher






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






30. SOX (or SARBOX)






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






33. SOX creates __ for company representatives.






34. Public company






35. Bank reconcilation steps






36. The penalties that may be imposed under SOX.






37. Bank statement






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






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






40. SOC record keeping requirements






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






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






43. 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






44. 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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45. 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






46. 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






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






48. A distribution of profits of the corporation to shareholders






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







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