Which of the following is true regarding Brad's statement that the CEO could not be held liable for violations of the act

Which of the following is true regarding Brad's statement that the CEO could not be held liable for violations of the act? 

A.	Brad is correct. Under no circumstances can a CEO be held personally responsible for violations under the act. Any fines would be imposed upon the business entity.

B.	Brad is incorrect. The act provides for harsh penalties, and a CEO who knows that the company's financial reports are incorrect but claims that they are truthful, can be heavily fined. There are no penalties, however, for destruction of financial documents.

C.	Brad is incorrect. The act provides for harsh penalties, and a CEO who destroys or changes financial documents to mislead can be heavily fined. There are no penalties, however, for misstatements of a company's financial reports because the company is solely responsible for its statements.

D.	Brad is incorrect, but any fine against a CEO under the act cannot exceed a nominal amount of $1,000.

E.	Brad is incorrect. The act provides for harsh penalties, and a CEO who knows that the company's financial reports are incorrect but claims that they are truthful, can be heavily fined. Additionally, a CEO who destroys or changes financial documents to mislead can be heavily fined.

Which of the following is true regarding the Act and Laura's firing? 

A.	The act does not provide protection for whistle-blowers such as Laura.

B.	The act provides protection for whistle-blowers only if it can be shown that a significant amount of money, in excess of $5,000, was involved in the incident involved.

C.	The act provides protection for whistle-blowers only if it can be shown that a significant amount of money, in excess of $10,000, was involved in the incident involved.

D.	The act provides protection for whistle-blowers who work for an accounting firm, but not for any other employees.

E.	Laura's whistle-blowing would be protected under the act, and her firing was illegal.

Contrary to Brad's statement, does the Sarbanes-Oxley Act create a board of oversight; and, if so, what is its name? 

A.	Brad is correct. No oversight board was created.

B.	A board called the Public Company Accounting Oversight Board was created by the Act.

C.	A board called the Public Accountability Commission was created by the Act.

D.	A board called the CPA Oversight Commission was created by the Act.

E.	A board called the Federal Accountability Commission was created by the Act.

The ethical theory that requires that we evaluate the morality of an action by imagining ourselves in the position of the person facing the ethical dilemma is called ______. 

A.	Situational ethics

B.	Ethical relativism

C.	Absolutism

D.	Consequentialism

E.	Relativity ethics

How is absolutism different from ethical relativism and situational ethics? 

A.	It applies utilitarianism.

B.	It holds that a cost-benefit analysis should be applied.

C.	It holds that whether an action is moral does not depend on the perspective of the person facing the ethical dilemma.

D.	It applies virtue ethics and concentrates on the accepted values of the person at issue as well as those of the community involved.

E.	It applies corporate ethics principles.