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






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






3. 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






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






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






6. Bank statement






7. Sox important Organizations that you must know






8. What is required to qualify as a protected whistleblower






9. 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






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






11. What is the stated purpose of SOX?






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






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






14. 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






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






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. Public company






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






19. Internal Complaint Procedures






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

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21. Bank reconcilation






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






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






24. 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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25. Usurping of corporate opportunity

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26. 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






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






28. Bank accounts






29. Bank reconcilation steps






30. Objectives of Internal Control






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






32. What new employee right was created by SOX?






33. If OSHA investigates - it will issue findings and a preliminary order within __ days after the complaint is filed.






34. Voucher






35. 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






36. Why did Congress pass SOX?






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






38. SOX creates __ for company representatives.






39. SOC record keeping requirements






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






41. 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






42. SOX deadlines

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






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






45. Elements of Internal Control






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






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






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






49. 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






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