EduTest Test Industry Regulations 3 — Questions and Answers
Question 1: What is the primary purpose of the Sarbanes-Oxley Act (SOX) of 2002?
- Regulate international trade practices
- Protect investors by improving corporate financial disclosures (Correct answer)
- Set environmental standards for public companies
- Establish minimum wage requirements
Correct answer: Protect investors by improving corporate financial disclosures
SOX was enacted in response to major corporate scandals to enhance the accuracy and reliability of corporate financial disclosures.
Question 2: Under the Family and Medical Leave Act (FMLA), how many weeks of unpaid leave are eligible employees entitled to per year?
- 6 weeks
- 8 weeks
- 12 weeks (Correct answer)
- 16 weeks
Correct answer: 12 weeks
FMLA provides eligible employees up to 12 weeks of unpaid, job-protected leave per year for qualifying family and medical reasons.
Question 3: Which agency enforces the Consumer Product Safety Improvement Act (CPSIA)?
- FDA
- FTC
- CPSC (Correct answer)
- OSHA
Correct answer: CPSC
The Consumer Product Safety Commission (CPSC) enforces the CPSIA, which sets safety standards for consumer products.
Question 4: Under the General Duty Clause of the OSH Act, employers must provide a workplace free from:
- All possible hazards
- Recognized hazards likely to cause serious harm (Correct answer)
- Any discomfort or inconvenience
- Hazards covered only by specific OSHA standards
Correct answer: Recognized hazards likely to cause serious harm
The General Duty Clause requires employers to address recognized hazards that are likely to cause death or serious physical harm, even when no specific standard applies.
Question 5: Which financial regulation requires broker-dealers to maintain accurate records and report suspicious transactions?
- Glass-Steagall Act
- Bank Secrecy Act (Correct answer)
- Securities Exchange Act
- Dodd-Frank Act
Correct answer: Bank Secrecy Act
The Bank Secrecy Act requires financial institutions to assist government agencies in detecting and preventing money laundering through recordkeeping and reporting.
Question 6: What minimum number of employees must a company have for Title VII of the Civil Rights Act to apply?
- 5 employees
- 10 employees
- 15 employees (Correct answer)
- 25 employees
Correct answer: 15 employees
Title VII applies to employers with 15 or more employees, prohibiting discrimination based on race, color, religion, sex, or national origin.
Question 7: Under the Clean Water Act, which permit system regulates discharges of pollutants into U.S. waters?
- RCRA permit
- NPDES permit (Correct answer)
- PSD permit
- Title V permit
Correct answer: NPDES permit
The National Pollutant Discharge Elimination System (NPDES) permit program controls water pollution by regulating point sources of pollutant discharge.
EduTest Test Industry Regulations 3
What is the primary purpose of the Sarbanes-Oxley Act (SOX) of 2002?