CRCT Regulatory Compliance & Standards 2

Question 1

Which compliance standard most directly addresses internal financial controls and accurate financial reporting for publicly accountable agencies?

Accepted Answer

Sarbanes-Oxley (SOX)

Answer

SOX establishes requirements for financial reporting accuracy and internal controls, which apply to revenue accountability in public and quasi-public agencies.

Question 2

Title VI of the Civil Rights Act, as applied to transit fare collection, prohibits:

Accepted Answer

Fare discrimination based on race, color, or national origin

Answer

Title VI prohibits recipients of federal financial assistance from discriminating in services or programs on the basis of race, color, or national origin.

Question 3

A revenue control technician discovers a gap in fare media handling procedures. What is the correct first step?

Accepted Answer

Document and report it to the compliance officer

Answer

Compliance gaps must be documented and escalated immediately so management can assess risk, implement corrective action, and satisfy audit trail requirements.

Question 4

What is the standard minimum records retention period for transit fare revenue documentation under federal guidelines?

Accepted Answer

3 years

Answer

FTA grant management requirements generally mandate that grantees retain financial records, including revenue documentation, for a minimum of three years.

Question 5

ISO 9001, when applied to transit revenue control operations, primarily focuses on:

Accepted Answer

Quality management and process consistency

Answer

ISO 9001 is a quality management standard that ensures processes are documented, consistent, and continually improved — directly applicable to revenue control workflows.

CRCT - Certified Revenue Control Technician Practice Test

CRCT - Certified Revenue Control Technician Practice Test

CRCT Regulatory Compliance & Standards 2