Good Governance Quiz 2 (Part 5)

Question 1

are considered conduct approved and enforced by a government of a particular country. society cannot function effectively if there is no basis or mechanism that regulates the interaction between its citizenry.

Answer 1

Law

Question 2

the “_______” disputes and sets standards.

Answer 2

Law

Question 3

is a body of law that deals with corporate contracts, manufacture or sale of goods and services, employment, labor relations and many other.

Answer 3

Business Law

Question 4

knowledge of “________” is essential in running organizations that are socially responsible and governed well.

Answer 4

Law

Question 5

is defined as a legal system that controls and regulates the business activities of a certain country.

Answer 5

Regulation

Question 6

deals with external regulation (Legal) and internal control of the corporation through legal means by its board of directors.

Answer 6

Corporate Governance

Question 7

considered a basic form of capitalism (Monetary goods and services are owned by private individuals and companies) a “________” is an economic system that restricts government intervention in the economy.

Answer 7

Free Market

Question 8

this American law, created in 2002, aims to increase financial accountability in auditing and disclosure to protect investors. this act influenced how companies worldwide improved their reporting standards.

Answer 8

(SOX) Sarbanes and Oxley Act

Question 9

various international agencies, like the (ICGN), have codes that focus on similar principles of good governance.

Answer 9

(OECD) Organization for Economic Cooperation and Development

Question 10

meaning if ICGN?

Answer 10

International Corporate Governance Network

Question 11

was approved in 1980 that prescribes the rules and regulations in the establishment and operation of corporation in the Philippines.

Answer 11

The Corporation Code of the Philippines

Question 12

the “_________” first came out with the code in 2002 and has undergone numerous amendments, the latest of which was done in 2019.

Answer 12

SEC

Question 13

provides the guideline for how organizations may practice good governance

Answer 13

(OECD) Organization of Economic Cooperation and Development

Question 14

are important topics of good corporate governance. Good Governance does not limit itself to addressing business disruptions and creating a competitive advantage through strategy.

Answer 14

Political Issues