LSB quiz 4 Questions with Correct Answers| Latest Update Guaranteed Success
Audit committees have substantial regulatory obligations under the SOX Act. These include
which of the following? Having the authority to engage, monitor, and terminate the
company's outside auditing firm; implementing a system of controls that involves a
comprehensive examination of the audit reports and methods used by the company and
outside auditors to properly report information that truly reflects the financial condition of the
company; and establishing a structure that facilitates communication directly between the
audit committee and the auditors
Securities fall into one of two general categories: __________ or __________. equity; debt
Which of the following is true regarding whether the law deems an Uber driver an Uber
employee or an independent contractor? The issue remains unresolved, as it is still working
its way through courts and labor boards.
Which of the following is true regarding the Securities and Exchange Commission's intervention
in an extraordinary payment case? The SOX Act does not require any formal allegation of
wrongdoing as a prerequisite for intervening in an extraordinary payment case.
In the wake of multiple corporate fraud and malfeasance scandals that began to emerge in
2000, a public outcry and a growing lack of investor confidence in corporate financial
disclosures caused the United States Congress to overhaul the entire corporate governance
regulatory structure by passing the __________. Sarbanes-Oxley Act of 2002
Violators of the SOX Act are __________. subject to both civil penalties and criminal
prosecution
There are two (2) distinct theories of recovery under the Family and Medical Leave Act (FMLA):
__________ theory and __________ theory. interference/entitlement;
retaliation/discrimination
, The SOX Act was intended to impose stricter regulation and controls on how corporations do
business through regulation of which of the following three (3) areas? Auditing; financial
reporting; and internal corporate governance
If Juan hires ABC Painting, Inc. (ABC) to paint his house, but the house is destroyed by a fire
sparked by a lightning strike before ABC begins to paint, the agency relationship between Juan
and ABC is terminated by __________. operation of law
Which of the following tests determines an agent's status based on: (1) the behavioral aspects
of the agency; (2) the financial arrangements between the principal and the agent; and (3) the
type of working relationship the parties have in terms of benefits and promises and continuing
employment? The IRS Test
The Family and Medical Leave Act (FMLA) mandates that employers provide up to __________
weeks of unpaid leave to employees for purposes related to family medical matters during any
__________-month period. twelve (12); twelve (12)
Upon approval by a __________ court, the SOX Act allows the __________ to force any
__________ corporate payouts into a government-controlled emergency escrow fund that is
pending further investigation by authorities. federal; Securities and Exchange Commission
(SEC); extraordinary
Issuing securities to the public markets for the first time is known as an __________. IPO
What independent regulatory body was created to provide financial stability after the financial
crisis of 2008? *****incorrect------The Consumer Financial Protection Bureau (CFPB)
Approximately what percentage of American workers are professionally licensed? twenty-
nine (29) percent
Audit committees have substantial regulatory obligations under the SOX Act. These include
which of the following? Having the authority to engage, monitor, and terminate the
company's outside auditing firm; implementing a system of controls that involves a
comprehensive examination of the audit reports and methods used by the company and
outside auditors to properly report information that truly reflects the financial condition of the
company; and establishing a structure that facilitates communication directly between the
audit committee and the auditors
Securities fall into one of two general categories: __________ or __________. equity; debt
Which of the following is true regarding whether the law deems an Uber driver an Uber
employee or an independent contractor? The issue remains unresolved, as it is still working
its way through courts and labor boards.
Which of the following is true regarding the Securities and Exchange Commission's intervention
in an extraordinary payment case? The SOX Act does not require any formal allegation of
wrongdoing as a prerequisite for intervening in an extraordinary payment case.
In the wake of multiple corporate fraud and malfeasance scandals that began to emerge in
2000, a public outcry and a growing lack of investor confidence in corporate financial
disclosures caused the United States Congress to overhaul the entire corporate governance
regulatory structure by passing the __________. Sarbanes-Oxley Act of 2002
Violators of the SOX Act are __________. subject to both civil penalties and criminal
prosecution
There are two (2) distinct theories of recovery under the Family and Medical Leave Act (FMLA):
__________ theory and __________ theory. interference/entitlement;
retaliation/discrimination
, The SOX Act was intended to impose stricter regulation and controls on how corporations do
business through regulation of which of the following three (3) areas? Auditing; financial
reporting; and internal corporate governance
If Juan hires ABC Painting, Inc. (ABC) to paint his house, but the house is destroyed by a fire
sparked by a lightning strike before ABC begins to paint, the agency relationship between Juan
and ABC is terminated by __________. operation of law
Which of the following tests determines an agent's status based on: (1) the behavioral aspects
of the agency; (2) the financial arrangements between the principal and the agent; and (3) the
type of working relationship the parties have in terms of benefits and promises and continuing
employment? The IRS Test
The Family and Medical Leave Act (FMLA) mandates that employers provide up to __________
weeks of unpaid leave to employees for purposes related to family medical matters during any
__________-month period. twelve (12); twelve (12)
Upon approval by a __________ court, the SOX Act allows the __________ to force any
__________ corporate payouts into a government-controlled emergency escrow fund that is
pending further investigation by authorities. federal; Securities and Exchange Commission
(SEC); extraordinary
Issuing securities to the public markets for the first time is known as an __________. IPO
What independent regulatory body was created to provide financial stability after the financial
crisis of 2008? *****incorrect------The Consumer Financial Protection Bureau (CFPB)
Approximately what percentage of American workers are professionally licensed? twenty-
nine (29) percent
