RCC Legal and Regulatory Frameworks

Question 1

Which regulation requires public companies to establish internal controls for financial reporting?

Accepted Answer

SOX

Answer

HIPAA

Answer

FCPA

Answer

GDPR

Question 2

What is the primary purpose of the Foreign Corrupt Practices Act (FCPA)?

Accepted Answer

Prohibit bribery of foreign officials

Answer

Prevent tax evasion

Answer

Promote fair trade practices

Answer

Regulate internal hiring

Question 3

Which of the following is a key function of the Securities and Exchange Commission (SEC)?

Accepted Answer

Regulate financial disclosures by public companies

Answer

Enforce criminal law

Answer

Issue patents

Answer

Manage labor disputes

Question 4

What is the focus of the General Data Protection Regulation (GDPR)?

Accepted Answer

Personal data protection

Answer

Cybersecurity enforcement

Answer

Financial auditing

Answer

Trade regulation

Question 5

What is a common penalty for non-compliance with regulatory laws?

Accepted Answer

Fines and legal action

Answer

Award of a bonus

Answer

Reduction in taxes

Answer

Government subsidy

Question 6

Which U.S. law is primarily focused on protecting patient medical information?

Accepted Answer

HIPAA

Answer

SOX

Answer

FCPA

Answer

GDPR