©BRIGHTSTARS 2025 ALL RIGHTS RESERVED 11:22 AM A+
Chapter 12 Exam 3 NFP Questions And
Answers |Latest 2025 | Guaranteed Pass.
Which of the following statements is true?
A. The Securities Exchange Act of 1934 regulates intrastate stock offerings made by a company.
B. The Securities Act of 1933 regulates the initial offering of securities by a company.
C. The Securities Act of 1933 regulates the subsequent public trading of securities through
brokers and markets.
D. The Securities Exchange Act of 1934 is commonly referred to as blue sky legislation. -
Answer✔B
What is the purpose of Regulation S-K?
Multiple Choice
A. Establishes required disclosure of nonfinancial information with the SEC.
B. Indicates which companies must file with the SEC on an annual basis.
C. Defines generally accepted accounting principles in the United States.
D. Establishes required financial disclosures with the SEC. - Answer✔A
Regulation S-K is the regulation that focuses upon - Answer✔financial information disclosure
1|P a g e
, ©BRIGHTSTARS 2025 ALL RIGHTS RESERVED 11:22 AM A+
Which of the following is a requirement of the Sarbanes-Oxley Act of 2002?
Multiple Choice
A. Registration of all auditing firms with the Public Company Accounting Oversight Board
B. Annual inspection of all auditing firms registered with the Public Company Accounting
Oversight Board
C. Overall assessment of the work of the SEC each year
D. A monetary fee assessed on organizations issuing securities - Answer✔D
all auditing firms are required to register with the PCAOB? - Answer✔False
what auditing firms are required to register and be inspected by the PCAOB - Answer✔only
firms that prepare, issue, or participate in the presentation of an audit report for an issuer.
Which of the following is not correct with regard to the Public Company Accounting Oversight
Board?
Multiple Choice
A. All registered auditing firms must be inspected at least every three years.
B. The board has the authority to set auditing standards rather than utilize the work of the
Auditing Standards Board.
C. The board members must be appointed by Congress.
D. The board can expel a registered auditing firm without SEC approval. - Answer✔C
the ______ appoints the (5) PCAOB members. - Answer✔SEC
2|P a g e
Chapter 12 Exam 3 NFP Questions And
Answers |Latest 2025 | Guaranteed Pass.
Which of the following statements is true?
A. The Securities Exchange Act of 1934 regulates intrastate stock offerings made by a company.
B. The Securities Act of 1933 regulates the initial offering of securities by a company.
C. The Securities Act of 1933 regulates the subsequent public trading of securities through
brokers and markets.
D. The Securities Exchange Act of 1934 is commonly referred to as blue sky legislation. -
Answer✔B
What is the purpose of Regulation S-K?
Multiple Choice
A. Establishes required disclosure of nonfinancial information with the SEC.
B. Indicates which companies must file with the SEC on an annual basis.
C. Defines generally accepted accounting principles in the United States.
D. Establishes required financial disclosures with the SEC. - Answer✔A
Regulation S-K is the regulation that focuses upon - Answer✔financial information disclosure
1|P a g e
, ©BRIGHTSTARS 2025 ALL RIGHTS RESERVED 11:22 AM A+
Which of the following is a requirement of the Sarbanes-Oxley Act of 2002?
Multiple Choice
A. Registration of all auditing firms with the Public Company Accounting Oversight Board
B. Annual inspection of all auditing firms registered with the Public Company Accounting
Oversight Board
C. Overall assessment of the work of the SEC each year
D. A monetary fee assessed on organizations issuing securities - Answer✔D
all auditing firms are required to register with the PCAOB? - Answer✔False
what auditing firms are required to register and be inspected by the PCAOB - Answer✔only
firms that prepare, issue, or participate in the presentation of an audit report for an issuer.
Which of the following is not correct with regard to the Public Company Accounting Oversight
Board?
Multiple Choice
A. All registered auditing firms must be inspected at least every three years.
B. The board has the authority to set auditing standards rather than utilize the work of the
Auditing Standards Board.
C. The board members must be appointed by Congress.
D. The board can expel a registered auditing firm without SEC approval. - Answer✔C
the ______ appoints the (5) PCAOB members. - Answer✔SEC
2|P a g e
