FIA Regulatory Compliance & Ethics

Question 1

What is the main goal of regulatory compliance?

Accepted Answer

Ensure adherence to laws and regulations

Answer

Increase profits

Answer

Avoid audits

Answer

Reduce workforce

Question 2

Which regulation requires public companies to disclose financial information accurately?

Accepted Answer

Sarbanes-Oxley Act

Answer

Dodd-Frank Act

Answer

Fair Labor Standards Act

Answer

Clean Air Act

Question 3

What is a compliance audit?

Accepted Answer

Assessment of regulatory adherence

Answer

Financial statement review

Answer

Internal financial control

Answer

Tax audit

Question 4

Why is ongoing compliance training important?

Accepted Answer

To ensure awareness and reduce violations

Answer

To increase paperwork

Answer

To delay projects

Answer

To reduce salaries

Question 5

What is the role of a compliance officer?

Accepted Answer

Ensure regulatory compliance

Answer

Manage sales team

Answer

Prepare financial statements

Answer

Conduct marketing campaigns

Question 6

Which body regulates financial markets in the U.S.?

Accepted Answer

SEC

Answer

Federal Reserve

Answer

FDIC

Answer

FBI

Question 7

What can be a consequence of non-compliance?

Accepted Answer

Legal penalties and fines

Answer

Increased profits

Answer

Business growth

Answer

Improved reputation

Question 8

What is due diligence in compliance?

Accepted Answer

Thorough risk and compliance assessment

Answer

Ignoring risks

Answer

Avoiding audits

Answer

Reducing documentation

Question 9

Which regulation focuses on data privacy?

Accepted Answer

GDPR

Answer

SOX

Answer

FCPA

Answer

Dodd-Frank