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Questions 1. Correct 2. Correct 3. Correct 4. Correct 5. Correct 6. Correct 7. Correct 8. Correct 9. Correct 10. Correct 11. Correct 12. Correct 13. Correct 14. Correct 15. Correct Your answers : 15/15 (100%) Submitted on Sep 16, 2013, 9:27 PM 1
Under what system of corporate voting by shareholders can a minority shareholder achieve success in electing someone to the board of directors?

Cumulative voting Straight voting

Absentee voting

Proxy voting

Correct 2
In 1970, Congress established an administrative agency to enforce statutes enacted to protect the air and water of this country. What is the name of this agency?

Air Quality Control Agency

Army Corps of Engineers Agency Environmental Protection Agency

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National Ambient Air Quality Standards Agency

Start Over

Correct 3
The Sarbanes-Oxley Act is intended to increase the confidence of the public and investors through increasing which of the following?

Director complacency

Corporate veil Separation of powers Corporate governance

Correct 4
Which of the following is true of the Federal Trade Commission?

It is a federal agency created by Congress It is a branch of the U.S. Supreme Court

It is a temporary commission created by executive order that has become permanent

It is a corporation subsidized by the federal government

Correct 5
In order to protect wildlife that may be subject to scarcity, which Executive Branch cabinet member designates which species of wildlife may be endangered or threatened?

Secretary of Health and Human Services Secretary of Commerce

Secretary of Homeland Security

Secretary of the Interior

Correct 6
Officers of a corporation typically can have which types of agency authority to bind the corporation?
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Express, transparent, and implied Express, applied, and apparent

Express, implied, and apparent

Express, transparent, and applied

Correct 7
If a corporate officer in the position of secretary intentionally takes over the powers provided to the treasurer in the corporate documents, what fiduciary duty does that corporate secretary breach?

Duty of obedience

Duty of good faith and fair dealing

Duty of loyalty Duty of care

Correct 8
The Sarbanes-Oxley Act prohibits publicly traded companies from making personal loans to whom?

Its executive officers or directors Its majority shareholders

Its legal counsel

Its certified public accountants

Correct 9
Unless otherwise stated in the articles of incorporation, a quorum to hold a meeting of the shareholders is generally defined as which of the following?

A committee of directors selected to vote on a corporation action The number of shareholder votes necessary to pass an action
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A majority of shareholders required to be present to vote on a corporate action

The number of registered shareholders eligible to vote at a given time

Correct 10
Tuff-Steele Constructions, Inc. has not been adhering to appropriate worker safety rules. As a result, there have been an increased number of on-site accidents and several construction workers have sustained serious injuries. Which of the following powers will allow an administrative agency to bring agency proceedings against Tuff-Steele Constructions?

Judicial authority

Rulemaking

Licensing Executive power

Correct 11
In order to prevent and clear hazardous wastes that increase mortality or serious illness, the federal government established a specific method to finance the cleaning of polluted areas by enacting what statute?

The Toxic Substances and Control Act

The Superfree Act The Insecticide, Fungicide, and Rodenticide Act The Comprehensive Environmental Response, Compensation, and Liability Act

Correct 12
If a corporate officer or director acts in a manner to make use of an advantage that he or she knows will only benefit himself or herself and deprives the corporation of that advantage, what breach of fiduciary duty has been committed?

Duty of care by violation of the business judgment rule

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Duty of obedience by competing with the corporation Duty of loyalty by usurping a corporate opportunity Duty of loyalty by self-dealing

Correct 13
Which of the following is likely to be a breach of a corporate officers or directors duty of care?

Failing to predict the startup of a new competitor

Failing to react appropriately to a severe rise in the prime interest rate

Failing to anticipate a drop in the consumer demand of the companys product Failing to predict a raw materials shortage resulting from a natural disaster

Correct 14
According to the provisions set forth by the Sarbanes-Oxley Act, which federal government agency may issue an order prohibiting any person who has committed securities fraud from acting as an officer or a director of a public company?

Securities and Exchange Commission

United States International Trade Commission Federal Reserve System Federal Communications Commission

Correct 15
Which of the following powers do administrative agencies typically have?

Dispute adjudication, mediation, and rulemaking

Rulemaking, statute interpretation, and dispute adjudication

Law enforcement, statute interpretation, and dispute resolution

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Statute interpretation, law enforcement, and mediation

Correct

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