JURI 615 Quiz 1

JURI 615 Quiz 1 Liberty University

Governance & Compliance

1. Who ultimately owns a corporation?
2. Shareholders typically make day-to-day decisions
3. Which of these is not a requirement to be eligible to submit a shareholder proposal under current SEC rules?
4. Which of these is required under the Dodd-Frank Act?
5. Based on empirical studies, a larger board is necessarily more effective
6. A board of directors in which members serve for multiple years, and only a portion changes each year, is known as a:
7. A director’s fiduciary duties are owed directly to
8. Which of the following is not a commonly described component of a director’s fiduciary duty?
9. The business judgement rule:
10. The business judgment rule offers protection for violations of the duty of loyalty
11. Audit committees are not an uncommon overseer of the compliance function
12. Item 407(h) of SEC Regulation S-K requires generally:
13. In NYSE-listed companies, the nominating/corporate governance committee must be composed completely of independent directors
14. In NYSE-listed companies, the compensation committee must be composed completely of independent directors
15. Based on our reading, in publicly traded firms, the management’s most important compliance requirement is found within
16. Which of the following is not required under SOX § 404(a)
17. Which of the following does not accurately describe SOX-based internal controls
18. Which of the following is not a commonly accepted part of the internal control framework
19. Which of the below is a judicial doctrine that regards court deference to agency interpretations
20. Which of the below is not a “step” in the Chevron approach
21. Which of the following is not a viable basis for a Caremark claim
22. In the internal audit content, the audit universe refers to the scope of functions and entities that will be internally audited
23. Which of the following is not a common element of an internal audit report
24. Outsourcing the internal audit function to an outside vendor is necessarily problematic
25. The human resource department has little compliance risk or issues that arise