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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. 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






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






3. Remittance Advice






4. The penalties that may be imposed under SOX.






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






6. 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






7. An agreement that requires a selling shareholder to offer his or her shares for sale to the other parties to the agreement before selling them to anyone else






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






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






10. 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






11. 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






12. The criminal provision of SOX






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






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






15. SOX deadlines

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






17. What is the stated purpose of SOX?






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






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

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






21. Voucher






22. Elements of Internal Control






23. 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






24. The employee must also service the notice on whom?






25. Public company






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






27. Bank statement






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






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






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






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






32. 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






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






34. What provision is enforced by the SEC only?

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35. A distribution of profits of the corporation to shareholders






36. Bank reconcilation steps






37. SOX (or SARBOX)






38. 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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39. Who signs Report for internal contro?






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






41. Employees wishing to bring a lawsuit claiming they were discriminated or retaliated against in violation of SOX's whistleblower protection must first do what?

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42. Types of proceedings protected under SOX?






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






44. What new employee right was created by SOX?






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






46. Company representative






47. 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






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






49. 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






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