CRA Regulatory Compliance & Corporate Governance

Question 1

What is the main goal of regulatory compliance?

Accepted Answer

To adhere to legal and regulatory requirements

Answer

To improve marketing

Answer

To maximize profits

Answer

To reduce staff

Question 2

What is corporate governance?

Accepted Answer

Structure and processes for company oversight

Answer

Business accounting software

Answer

Legal review procedures

Answer

Hiring strategy

Question 3

Which law is designed to prevent corporate fraud?

Accepted Answer

Sarbanes-Oxley Act

Answer

Dodd-Frank Act

Answer

HIPAA

Answer

FERPA

Question 4

Who is typically responsible for ensuring compliance within an organization?

Accepted Answer

Compliance Officer

Answer

Chief Marketing Officer

Answer

Human Resources Director

Answer

Product Manager

Question 5

Why are internal controls important?

Accepted Answer

To prevent fraud and ensure financial accuracy

Answer

To reduce HR expenses

Answer

To create press releases

Answer

To replace training

Question 6

What does transparency mean in governance?

Accepted Answer

Open communication and clear disclosures

Answer

Keeping decisions private

Answer

Sharing trade secrets

Answer

Avoiding board meetings

Question 7

What is the role of the board of directors?

Accepted Answer

Oversight and strategic direction

Answer

Day-to-day operations

Answer

Social media engagement

Answer

Facility maintenance

Question 8

Why is documentation critical in compliance?

Accepted Answer

To support audits and demonstrate compliance

Answer

To decorate office walls

Answer

For employee entertainment

Answer

To delay decisions

Question 9

What is ethical leadership in corporate governance?

Accepted Answer

Acting with integrity and fairness

Answer

Punishing mistakes

Answer

Focusing only on profits

Answer

Avoiding accountability