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1. Which of the following are data security concerns?
A) II and III only (Who is accessing the data; For what purpose the data is being used)
B) I, II, and III (What data is being accessed; Who is accessing the data; For what purpose the data is being used)
C) I and III only (What data is being accessed; For what purpose the data is being used)
D) I and II only (What data is being accessed; Who is accessing the data)
2. In order to get a sales tax exemption on goods purchased for resale, what must the buyer do?
A) File a letter of intent with the local taxing jurisdiction
B) Inform the state in writing that the tax will be paid by the buyer
C) Provide an exemption certificate to the seller
D) Supply a copy of a sales tax license to the seller
3. The Sarbanes-Oxley statute in the U.S. requires public companies to: I. Establish controls over accounts payable hiring; II. Use a recognized framework to design and test controls over financial reporting; III. Ensure that the company CFO is a CPA.
A) II only
B) I only
C) I and II only
D) I, II, and III
4. Payments by U.S. companies to U.S. unincorporated service providers must be reported to the IRS if they equal or exceed which of the following dollar amounts?
A) $1,000
B) $500
C) $300
D) $600
5. A copy of front and back of the original check, which is legally the same as the original check, is termed a substitute check or:
A) A negotiated bank draft
B) An electronic conversion order
C) An image replacement document
D) A surrogate financial instrument
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: C | Question # 3 Answer: A | Question # 4 Answer: D | Question # 5 Answer: C |
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