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






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






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






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






5. A distribution of profits of the corporation to shareholders






6. What is the stated purpose of SOX?






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






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






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

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10. Sarbanes-Oxley Act of 2002






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






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






13. 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






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






15. Bank reconcilation






16. Sox important Organizations that you must know






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






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






19. 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






20. 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






21. Audit committee

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






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






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






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






27. 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






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






30. SOX deadlines

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






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






33. Bank reconcilation steps






34. 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






35. What is required to qualify as a protected whistleblower






36. Voucher System






37. The criminal provision of SOX






38. 4 elements that must be proven to show usurping of corporate opportunity:

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






40. Personal liability provision






41. Who signs Report for internal contro?






42. What employees are protected under SOX?






43. Additional shares of stock distributed as a dividend






44. Bank statement






45. Types of proceedings protected under SOX?






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






47. The penalties that may be imposed under SOX.






48. Special-purpose cash funds






49. 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






50. 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