Audit committee activities and responsibilities include What are the key elements of the fiduciary duty of

board members?
a. Approving corporate strategy
b. Selecting the external audit firm
a. Care and loyalty
c. Reviewing management performance and
b. Competence and commitment
determining compensation
c. Internal Control System and Risk Management
d. All of the above
Framework
e. Answer not given
d. Knowledge and expertise
e. Answer not given
It is the governing body elected by the stockholders that
exercises the corporate powers of a corporation,
It is the reporting on financial, environmental, and
conducts all its business and controls its properties.
social performance.

a. Board of Directors
a. Non-financial reporting
b. Management
b. Corporate social responsibility reporting
c. Corporate Governance Committee
c. Triple bottom-line reporting
d. Committee Charter
d. Financial reporting
e. Answer not given
e. Answer not given

It is a group of executives given the authority by the

Odd one out
Board to implement the policies it has laid down in the
conduct of the business of the corporation.
a. Enhancing Company Disclosure Policies and
Procedures
a. Board Risk Oversight Committee
b. Strengthening the External Auditor’s Independence
b. Management
and I…
c. Executive Committee
c. Increasing Focus on Non- Financial and Sustainability
d. Independent Directors
R…
e. Answer not given
d. Promoting a Comprehensive and Cost-efficient Access
to…
He/she is a director who has no executive responsibility
e. Encouraging Sustainability an…
and does not perform any work related to the
f. Answer not given
operations of the corporation.
It is established to ensure that there is constant
a. Non-executive Director
engagement with a company’s shareholders.
b. Executive Director
c. Independent Director
a. Investor Relations Office
d. Managing Director
b. Risk Management Office
e. Answer not given
c. Audit Committee
d. Office of the Chief Audit Executive
It is a process designed and effected by the board of
e. Answer not given
directors, senior management, and all levels of
personnel to provide reasonable assurance on the
The purpose of the Code of Corporate Governance is to
achievement of objectives through efficient and
promote the development of a strong corporate
effective operations.
governance culture and keep abreast with recent
developments in corporate governance.
a. Internal Control
b. Enterprise Risk Management
True False
c. Internal Audit
d. Risk Oversight
A company may achieve the principles even without
e. Answer not given
following all recommendations.

Odd one out

True False

a. Board’s Governance
The Corporate Governance Committee oversees the
b. Responsibilities Disclosure and Transparency
periodic performance evaluation of the Board and
c. Internal Control System and Risk Management
conducts an annual self-evaluation of its performance.
Framework
d. Synergic Relationship with Shareholders
True False
e. Duties to Stakeholders
f. Duties to Stockholders
The Board should endeavor to exercise objective and
g. Answer not given
independent judgment on all corporate affairs.

True False
The best measure of the Board’s effectiveness is Code
through an assessment process. Ethics
Memorandum
True False Answer not given

An ineffective audit committee constitutes a material 2. Personal ethics varies from individual to individual at
weakness in internal control over financial reporting. any point in time.
True
True False False

Sustainability reporting includes voluntary corporate 3. All legal actions are ethical.
disclosures about sustainability initiatives, plans and True
associated outcomes. False

True False 4. Jeffrey protests against the Philippine government’s

response to COVID-19. Such
Corporate social responsibility reporting and triple action is unethical.
bottom-line reporting are sustainability-related terms. True
False
True False
5. They are the principles shown when one abides by
When a company is not publicly-listed, no one can buy the spirit and the letter of the
such company’s shares. agreement.
Honesty and Integrity
True False Fairness and Openness
Loyalty and Confidentiality
All corporations established under Philippine laws are Trustworthiness and Promise Keeping
required to comply with all the principles under the Answer not given
Code of Corporate Governance.
6. Ethical behavior is necessary for a society to function
True False in an orderly manner.
True
When a recommendation is not complied with, the False
Board of Directors has the authority to decide on the
necessity of disclosures and explanations. 7. All ethical values are incorporated into laws.
True
True False False

The Code of Corporate Governance prescribes a “one 8. We decide for ourselves what we consider unethical
size fits all” framework. behavior.
True
True False False

The absence of a director in more than 50% of all 9. Odd one out
regular and special meetings of the Board during his/her Personal Ethics
incumbency is a conclusive ground for disqualification. Business Ethics
Professional Ethics
True False Answer not given

The company should ensure that all non-financial and 10.The code of ethics for professions provides practical
sustainability issues are disclosed. guidance to the individual
member in maintaining a professional attitude.
True False True
False
It is unethical for a company to provide a sustainability
report, but provide no assurance on the reliability of the 11. Odd one out
information contained therein. High board rating
Need for public confidence
True False Complex body of knowledge
Responsibility to serve the public
1. It is a set of moral principles or values that governs Standards of admission to profession
the actions and decisions of Answer not given
an individual or group.
Law
12.It was promulgated to direct the adoption of the Global Competitiveness
Code of Good Governance for the Solidarity and Teamwork
Professions in the Philippines. Professional Competence
Republic Act No. 9262 Equality of all Professions
Executive Order No. 220, series of 2003 Social and Civic Responsibility
SEC Memorandum Circular No. 19, series of 2016 Answer not given
Answer not given
19.What specific principle of conduct is shown by
13.Professionals are required to have ethical having lifelong continuing education
commitment. programs?
True Service to Others
False Integrity and Objectivity
Global Competitiveness
14.It is the ability to discern between right and wrong. Solidarity and Teamwork
Ethical awareness Professional Competence
Ethical competency Equality of all Professions
Ethical commitment Social and Civic Responsibility
Answer not given Answer not given

15.It is the ability to engage in sound moral reasoning 20. What specific principle of conduct is manifested by
and consider carefully the being free from conflicts of
implications of alternative actions. interest?
Ethical awareness Service to Others
Ethical competency Integrity and Objectivity
Ethical commitment Global Competitiveness
Answer not given Solidarity and Teamwork
Professional Competence
16.BONUS What specific principle of conduct is shown Equality of all Professions
by having genuine Social and Civic Responsibility
selflessness in carrying out duties even at the expense Answer not given
of personal gain?
Service to Others 21.What specific principle of conduct is shown by
Integrity and Objectivity meeting the best global standards
Global Competitiveness and practices?
Solidarity and Teamwork Service to Others
Professional Competence Integrity and Objectivity
Equality of all Professions Global Competitiveness
Social and Civic Responsibility Solidarity and Teamwork
Answer not given Professional Competence
Equality of all Professions
NOTE: “Selfishness” instead of “selflessness” yung Social and Civic Responsibility
natype ko sa Chapter 5 Notes at dito Answer not given
sa quiz. Sorry. Paki-correct na lang. Bonus na ‘to kasi
hindi naman ako selfish 22. What specific principle of conduct is shown by
HAHAHAHA having respect and fairness among
all professions?
17.What specific principle of conduct is shown by Service to Others
prioritizing the broader interest of Integrity and Objectivity
the profession over one’s personal ambition and Global Competitiveness
preference? Solidarity and Teamwork
Service to Others Professional Competence
Integrity and Objectivity Equality of all Professions
Global Competitiveness Social and Civic Responsibility
Solidarity and Teamwork Answer not given
Professional Competence
Equality of all Professions 23.Observing business ethics is not just a social
Social and Civic Responsibility obligation.
Answer not given True
False
18.What specific principle of conduct is shown by
prioritizing the broader interest of 24.The main purpose of business ethics is to help
the public? business and would-be business
Service to Others to determine what business practices are right and
Integrity and Objectivity what are wrong.
True
False

25.Business ethics and corporate governance are aids to

better decision making.
True
False

26.When an action is not forbidden by law, such action

is ethical.
True
False

27.There is a uniform standard on what is right and

wrong.
True
False

28.Business managers should avoid all abuse of

executive power for personal gain,
advantage, or prestige.
True
False

29.Business managers are required to reveal the fact to

their superiors whenever their
personal business of financial interests conflict with
those of the company.
True
False

30.Companies must prioritize the pursuit of profit at all

times.
True
False