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






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






3. Additional shares of stock distributed as a dividend






4. Voucher System






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






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






7. Who signs Report for internal contro?






8. Personal liability provision






9. How does this Act define 'harm'?






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






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






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

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






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






17. Internal Complaint Procedures






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






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. Sox important Organizations that you must know






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






22. What procedures must the audit committee of a public company establish?






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






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






25. Objectives of Internal Control






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

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






28. Company representative






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






30. Sarbanes-Oxley Act of 2002






31. 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






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






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






34. 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






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






36. What employees are protected under SOX?






37. 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






38. 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






39. 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?






40. SOX deadlines

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






42. SOC record keeping requirements






43. Why did Congress pass SOX?






44. What is required to qualify as a protected whistleblower






45. Failure of a corporate director or officer to exercise the duty of care while conducting the corporation's business






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






47. Public company






48. Bank reconcilation steps






49. Bank reconcilation






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