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






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






3. 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






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






5. The criminal provision of SOX






6. Sarbanes-Oxley Act of 2002






7. Why did Congress pass SOX?






8. Additional shares of stock distributed as a dividend






9. 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






10. What new employee right was created by SOX?






11. Personal liability provision






12. 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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13. Special-purpose cash funds






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






15. 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






16. 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?






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






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






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






20. 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






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






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






23. Elements of Internal Control






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






25. 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






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






27. SOX deadlines

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






29. Sox important Organizations that you must know






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

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31. Remittance Advice






32. 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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33. 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






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






35. Objectives of Internal Control






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






37. What is the stated purpose of SOX?






38. Usurping of corporate opportunity

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






40. Voucher System






41. 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






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






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






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






45. SOX (or SARBOX)






46. SOX creates __ for company representatives.






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






48. 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






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






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