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LWC1 Questions
study guide
| Question | Answer |
|---|---|
| Basic provisions of the Sarbanes-Oxley Act | are to prevent corporate management abuses |
| Rights of the shareholders | right to information, vote, dissent,protection fron other shareholders, monitor |
| right to information | under the model act, shareholders acting in good faith and with proper purpose have the right to inspect and copy the corporations minute book, accounting record and shareholder lists |
| right to vote | a corporation must have at least one class of stock w/ voting rights |
| preferred shareholders | do not vote |
| common shareholders | do vote |
| right to protection from shareholders | anyone who owns enough stock to control a corporation has fiduciary duty to minority shareholders |
| right to monitor | recieve info & the right to vote on proposals put to them by the board but dont have the right to initiate corporate change |
| what recourse do shareholders have against corporations if shareholder rights are violated | derivative lawsuits, direct lawsuits, class action lawsuits |
| derivative lawsuits | brought by shareholders to remedy a wrong to the corp. the suit is brought in the name of the corp & all proceeds of the litigation go to the corp |
| direct lawsuit | shareholders are permitted to sue the corp directly only if their own rights have been named |
| class action lawsuit | if a group of shareholders all have the same claim, they can join together & file suit |
| what are the key provisions of the securities act of 1933 | requires before offering or selling securities, the issuer must register the securities with the SEC unless the securities qualify for an exemption |
| what are the disclosure requirements of the securities act of 1933 | elaorate registration statement, audited financials / Rule 504: may require requires onetime disclosure when a company sells stock to the public/ Rules 505 and 506: none for accredited investors, the same requirements as Reg A for unaccredited investors |
| how did the SOX change the disclosure requirements of 1933 | It requires CEO & CFO to certify that,The quarterly and annual reports are true,The company has effective internal controls.The officers have informed the company's audit committee of any concerns that they have about the internal control system. |
| how did SOX change the audit reqiurements for a publically traded corp | Congress established the Public Company Accounting Oversight Board (PCAOB) to ensure that investors receive accurate and complete financial information |
| what are the audit requirements for puvlically traded stock | vouching and tracing |
| vouching | they choose a transaction listed in the company's books and check backwards to make sure that there are original data to support it |
| tracing | the accountant begins with an item of original data and traces it forward to ensure that it has been properly recorded throughout the bookkeeping process. |
| business ethics | comprises the principles and standards that guide behavior in the world of business |
| business ethics | comprises the principles and standards that guide behavior in the world of business |
| consumers bill of rights | the right to safety, the right to be informed, the right to choose, and the right to be heard |
| ethical culture | used to describe the component of corporate culture that captures the rules and principles that an organization defines as appropriate conduct |
| the benefits of ethics | employee committment and trust, investor loyalty and trust, consumer satisfaction, profits |
| stakeholders | customers, investors and shareholders, employees, suppliers, government agencies, communities, and many others who have a “stake” or claim in some aspect of a company's products, operations, markets, industry, and outcomes |
| primary stakeholders | those whose continued association is absolutely necessary for a firm's survival; these include employees, customers, investors, and shareholders, as well as the governments and communities that provide necessary infrastructure |
| secondary stakeholders | do not typically engage in transactions with a company and thus are not essential for its survival; these include the media, trade associations, and special-interest groups |
| social responsibility | business ethics embodies standards,and expectations that reflect a concern of major stakeholders, including consumers, employees, shareholders, suppliers, competitors, about concerns about what is fair in keeping with respect for stakeholders' rights. |
| what are the components of a comprehensive framework for ethical decision making in business? | ethical issues intensity, individual factors, organizational factors,opportunity - business ethics evaluations and intentions -ethical and unethical behavior |
| how can knowledge about ethical decision making be usd to improve ethical leadership | helps you indentify right and wrong to make informed leadership calls. |
| ethical issue intensity | the relevance of an ethical issue |
| opportunity | conditions at the work place that limit or prohibit ethical or unethical behavior |
| the coercive leader | demands instant obedience and focuses on acheivement, self- control,initiative |
| the authoriative leader | once of the most effect styles encourages others to follow the vision |
| the affiliative leader | values others as friends and values their emotions |
| the deomcratic leader | relies on teamwork and participation |
| the pacesetting leader | can create a negative work environment due to teh high work standards already set - quick results |
| the coaching leader | develops lasting skills to promote growth within the unit |
| habits of a good leader | strong personal character, passion to do whats right, considers stakeholders, role models, involved in organizational decision making, holistic view of the firms ethical culture |
| how do moral philosophies and values influence group ethical decision making in business? | goodl morals produce the ability to clearly see right from wrong |
| teleology | stipulates that acts are morally right or acceptable if they produce some desired result such as realization of self interest or utility |
| egoism | defines right or acceptable actions as those that maximize a particular persons self interest as defined by the individual |
| utilitarianism | defines right or acceptable actions as those that maximize total utility or the greatest good for the greatest number of people |
| deontology | focuses on the preservatnion of individual rights and on the intentions associated w/ a particular behavior rather than on its consequences |
| relativist | evaluates ethicalness subjectivity on the basis of individual group expenses |
| virtue ethics | assumes that what is moral in a given situation is not only what conventional morality requires but also what the matter person with a good moral character would deem appropriate |
| justice | evaluates ethicalness on the basis of fairness, distribution, procedural, and international |
| what are the 6 stages of cognitive moral development & how do those relate to ethical development | 1)punishment&obedience 2(individual purpose &exchange 3)mutual interpersonal expectations relationships 4) prior rights, social contract or utility 5)proor rights social contract or utility 6)universal ethical principal |
| how does white collar crime relate to moral philosphies, values, & corproation culture | WCC relate to establishing trsut and respectability- then betraying that confidence |
Created by:
nrobionson
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