Question 1

A member of the board of directors who is also an officer of the corporation is known as a(n) ________.

Accepted Answer

A)  inside director
B)  ombudsman
C)  registered agent
D)  shareholder

Question 2

According to the Sarbanes-Oxley Act,members of the audit committee must be members of the board of directors.

Accepted Answer

A) True 
 B)False

Question 3

The piercing the corporate veil doctrine is also called the alter ego doctrine because it may be used when the corporation becomes the alter ego of the shareholder.

Accepted Answer

A) True 
 B)False

Question 4

If a fraud is committed by a member of the board of directors of a corporation,a written notice to the corporation from individual shareholders is not required to bring a derivative lawsuit.

Accepted Answer

A) True 
 B)False

Question 5

Inkilwas Corporation has 30,000 outstanding shares.A shareholders' meeting is duly called to amend the articles of incorporation,and 17,501 shares are represented at the meeting.According to the Revised Model Business Corporations Act (RMBCA) ,what is the minimum number of outstanding shares that must be represented in this case to have a quorum?

Accepted Answer

A)  12,001
B)  18,501
C)  15,001
D)  17,501

Question 6

Self-dealing is when shareholders use their position to deprive the board of directors of personal monetary gain.

Accepted Answer

A) True 
 B)False

Question 7

The Sarbanes-Oxley Act requires the chief executive officer (CEO)and chief financial officer (CFO)to certify annual and quarterly reports.

Accepted Answer

A) True 
 B)False

Question 8

The president of a corporation is an example of a corporate officer.

Accepted Answer

A) True 
 B)False

Question 9

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

Accepted Answer

A)  ballot date
B)  reinvestment date
C)  record date
D)  dividend date

Question 10

A director who personally competes with the corporation he or she is employed in is said to have breached the duty of obedience.

Accepted Answer

A) True 
 B)False

Question 11

Describe the doctrine of piercing the corporate veil.

Accepted Answer

Shareholders of a corporation generally ...

Question 12

Which of the following would be seen as a breach of the duty of loyalty by a corporate officer?

Accepted Answer

A)  straight voting
B)  cumulative voting
C)  piercing the corporate veil
D)  self-dealing

Question 13

A director or corporate officer who usurps a corporate opportunity would be in violation of the director's fiduciary duty called ________.

Accepted Answer

A)  duty of obedience
B)  duty of loyalty
C)  duty of care
D)  self-dealing

Exam 37: Corporate Governance and the Sarbanes-Oxley Act

According to the Sarbanes-Oxley Act,members of the audit committee must be members of the board of directors.

Correct Answer
verified

A director or corporate officer who usurps a corporate opportunity would be in violation of the director's fiduciary duty called ________.

Correct Answer
verified

Which of the following would be seen as a breach of the duty of loyalty by a corporate officer?

Correct Answer
verified

A member of the board of directors who is also an officer of the corporation is known as a(n) ________.

Correct Answer
verified

The president of a corporation is an example of a corporate officer.

Correct Answer
verified

Describe the doctrine of piercing the corporate veil.

Correct Answer
verified
Shareholders of a corporation generally ...
View Answer

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

Correct Answer
verified

Correct Answer
verified

If a fraud is committed by a member of the board of directors of a corporation,a written notice to the corporation from individual shareholders is not required to bring a derivative lawsuit.

Correct Answer
verified

The Sarbanes-Oxley Act requires the chief executive officer (CEO)and chief financial officer (CFO)to certify annual and quarterly reports.

Correct Answer
verified

Self-dealing is when shareholders use their position to deprive the board of directors of personal monetary gain.

Correct Answer
verified

A director who personally competes with the corporation he or she is employed in is said to have breached the duty of obedience.

Correct Answer
verified

The piercing the corporate veil doctrine is also called the alter ego doctrine because it may be used when the corporation becomes the alter ego of the shareholder.

Correct Answer
verified

Exam 37: Corporate Governance and the Sarbanes-Oxley Act

According to the Sarbanes-Oxley Act,members of the audit committee must be members of the board of directors.

Correct AnswerverifiedShow Answer

A director or corporate officer who usurps a corporate opportunity would be in violation of the director's fiduciary duty called ________.

Correct AnswerverifiedShow Answer

Which of the following would be seen as a breach of the duty of loyalty by a corporate officer?

Correct AnswerverifiedShow Answer

A member of the board of directors who is also an officer of the corporation is known as a(n) ________.

Correct AnswerverifiedShow Answer

The president of a corporation is an example of a corporate officer.

Correct AnswerverifiedShow Answer

Describe the doctrine of piercing the corporate veil.

Correct AnswerverifiedShareholders of a corporation generally ...View AnswerShow Answer

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

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

If a fraud is committed by a member of the board of directors of a corporation,a written notice to the corporation from individual shareholders is not required to bring a derivative lawsuit.

Correct AnswerverifiedShow Answer

The Sarbanes-Oxley Act requires the chief executive officer (CEO)and chief financial officer (CFO)to certify annual and quarterly reports.

Correct AnswerverifiedShow Answer

Self-dealing is when shareholders use their position to deprive the board of directors of personal monetary gain.

Correct AnswerverifiedShow Answer

A director who personally competes with the corporation he or she is employed in is said to have breached the duty of obedience.

Correct AnswerverifiedShow Answer

The piercing the corporate veil doctrine is also called the alter ego doctrine because it may be used when the corporation becomes the alter ego of the shareholder.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Shareholders of a corporation generally ...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified