Test your basic knowledge |

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






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






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






4. What provision is enforced by the SEC only?


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






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






7. 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






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


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






10. Company representative






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






12. Additional shares of stock distributed as a dividend






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






14. Bank reconcilation






15. Objectives of Internal Control






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






17. Public company






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






19. What is required to qualify as a protected whistleblower






20. Special-purpose cash funds






21. SOX deadlines


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






23. Personal liability provision






24. 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






25. Types of proceedings protected under SOX?






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






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






28. 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






29. Bank accounts






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






31. Sox important Organizations that you must know






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






33. 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






34. 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






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






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






37. What is the stated purpose of SOX?






38. 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






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






40. Usurping of corporate opportunity


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






42. 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






43. Bank statement






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






45. Voucher System






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


47. A distribution of profits of the corporation to shareholders






48. 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






49. Elements of Internal Control






50. Internal Complaint Procedures