Understanding Corporate Governance: Definitions, Structure, & Responsibilities, Quizzes of Auditing

Download Understanding Corporate Governance: Definitions, Structure, & Responsibilities and more Quizzes Auditing in PDF only on Docsity! TERM 1 What is corporate governance? DEFINITION 1 the act or process of governing a corporation TERM 2 What are the public corporation pros? DEFINITION 2 unlimited life limited liability of owners easy transfer of ownernship TERM 3 What are the public corporation cons? DEFINITION 3 many small owners-little information owners are different from management TERM 4 What is the structure of a public corporation? DEFINITION 4 CEO (management) Board of Directors Shareholder 1 Shareholder 2 TERM 5 Who are the corporations stakeholders? DEFINITION 5 customers employers suppliers creditors distributors community TERM 6 Why does fulfilling the needs of all stakeholders mean? DEFINITION 6 ownership's interests are served TERM 7 Who makes the rules? DEFINITION 7 federal laws stock exchanges industry associations state laws TERM 8 Who makes the laws for a specific BOD (board of directors)? DEFINITION 8 the articles of incorporation of the corporation the bylaws shareholder agreements TERM 9 What are the responsibilities of directors? DEFINITION 9 fiduciary duty the duty of loyalty and the duty of fair dearling the duty of care the duty to not entrench the duty of supervision TERM 10 What is the fiduciary duty? DEFINITION 10 being trustworthy and acting in the best interest of the shareholders whom the director representstwo components: integrity and competence