Chapter 3: Stakeholders and Corporate Social Responsibility
1. Corporate governance can be defined as:
a. The system used by firms to control the actions of their employees
b. The election process used to vote in a new Board of Director
c. The corporate compliance system used by the firm
d. The system used by firms to identify who the critical stakeholders are for the firm
2. Traditionally, the board of directors is responsible for representing the interests of:
a. stockholders
b. management
c. employees
d. stakeholders
3. A board member who has direct financial ties to the firm is called what kind of board member?
a. financial
b. direct
c. inside
d. supportive
4. A board member who has no direct financial ties to the firm is called what kind of board member?
a. non-financial
b. indirect
c. outside
d. non-supportive
5. Which board of directors committee is responsible for the decision to issue new stock?
a. executive
b. auditing
c. finance
d. equity
6. . Which board of directors committee is responsible for determining the type of compensation given to top executives?
a. salary
b. compensation
c. evaluation
d reward
7. . Which type of board of directors is considered a “rubber stamp” board?
a. passive
b. non-interest
c. neutral
d. un-motivating
8. The conscious abuse of public roles and resources for the private benefit of the firm or individual is
defined as:
a. corruption
b. petty corruption
c. grand corruption
d. influence peddling
9. Board members can be classified as either:
a. internal and external
b. inside and outside
c. financial and non-financial
d. compensated and non-compensated
10. Which of the following board of director core values corresponds with considering the local
community in the decision making process?
a. corporate social responsibility
b. social awareness
c. citizenship
d. responsibility
11. Under SOX who must certify the financial statements of the firm?
a. CEO and Head of Internal Auditing
b. CEO and CFO
c. CEO and Head of External Auditing
d. CFO and Head of External Auditing
12. What was the compensation ratio when comparing the CEO’s compensation and the average
worker’s compensation in 1982?
a. 21 times
b. 28 times
c. 36 times
d. 42 times
13. What was the compensation ratio when comparing the CEO’s compensation and the average worker’s compensation in 2004?
a. 103 times
b. 207 times
c. 365 times
d. 431 times
14. The Sarbanes-Oxley Act was a direct response to which ethics scandals?
a. Enron and Tyco
b. Tyco and WorldCom
c. Enron and WorldCom
d. Enron, WorldCom and Tyco
15. What function were auditing firms no longer allowed to do with the clients with the passage of
SOX?
a. advising
b. consulting
c. planning
d. designing
16. Under SOX, how often do firms have to change their external auditors?
a. every three years
b. every five years
c. every seven years
d. every ten years
17. Under SOX who must certify the financial statements of the firm?
a. CEO and Head of Internal Auditing
b. CEO and CFO
c. CEO and Head of External Auditing
d. CFO and Head of External Auditing
18. Under SOX, how many days do top executives have to report stock transactions?
a. one day
b. two days
c. five days
d. thirty days
19. The conscious abuse of public roles and resources for the private benefit of the firm or individual is
defined as:
a. corruption
b. petty corruption
c. grand corruption
d. influence peddling
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