Knowledge Check

Knowledge Check

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Question 1 of 15

1. Question
Which of the following statements best describes the role of the board:
- Noses out. Fingers in.
- Noses in. Fingers out.
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Question 2 of 15

2. Question
What does the board of a private company do?
- Organizes and masterminds the finances of the company
- Observes and mitigates the mistakes of the C- suite
- Operates and manages the company
- Obfuscates and manipulates the operations of the company
- Oversees and monitors management and operations
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Question 3 of 15

3. Question
Read the following statements. (Which six are true? You will receive a point for every correct answer)
- The board represents all stakeholders and protects the reputation of all its members
- The board establishes big picture strategy and policies for the company
- The board represents all owners and protects their interests
- The board decides the vision of the company
- The board hires, evaluates and fires the CEO
- The board focuses on increasing company value for owners
- The board approves all hires, managing company headcount
- The board monitors CEO and company performance
- The board provides advice and guidance as necessary or as required by law
- The board ensures the company is always solvent
- The board directs the activities of owners and CEO
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Question 4 of 15

4. Question
Whom does the board serve?
- The American People
- The greatest good of the greatest number
- The largest owner
- All owners
- All stakeholders
- Customers and Staff
- Nobody
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Question 5 of 15

5. Question
A board can be described the owners’:
- Heart and Brain
- Stomach and Guts
- Eyes and Ears
- Mouth and Trousers
- Soul and Conscience
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Question 6 of 15

6. Question
From the following list select the fiduciary duties of an independent board. (Select four. You will get a point for each answer you get correct)
- Confidentiality
- Transparency
- Budget Management
- Duty of Care
- Record keeping
- Questioning
- Mentoring
- Good Faith
- Reputation management
- Duty of Loyalty
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Question 7 of 15

7. Question
Can a private company owner also be a company executive. Please answer yes or no.
- Yes
- No
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Question 8 of 15

8. Question
Can a private company owner also sit on the company board? Please answer yes or no.
- Yes
- No
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Question 9 of 15

9. Question
Which of the following are the responsibilities of the Nom/Gov committee?
- Evaluating Directors
- Recruiting Directors
- Both evaluating and recruiting directors
- Drafting and reviewing governance rules
- All four responsibilities
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Question 10 of 15

10. Question
You are a fiduciary steward required to act in the best interests of the company on behalf of the owners, avoiding conflicts of interest. Which duty are you discharging?
- Duty of Good Faith
- Duty of Care
- Duty of Loyalty
- Duty of Confidentiality
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Question 11 of 15

11. Question
What attributes do you associate with a high-performance board? (Select three. You will get a point for every correct answer)
- Most or all board directors are independent of management
- Board meets 4 times a year
- Board never speaks to owners
- Board uses technology well, assisting efficient communications
- Board and owners are the same people
- Board, owners and executives are the same people
- Board directors have a wide variety of skills, personalities, personal experiences and professional experience
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Question 12 of 15

12. Question
Complete the following sentence with the best word from the list below: Independent directors add ___________ to the board’s discussion and decision-making.
- Purpose
- Objectivity
- Confusion
- Diversity
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Question 13 of 15

13. Question
Which of the phrases below is a good colloquial description of Duty of Care?
- No man or woman left behind
- Show up, speak up and keep up
- Don't ask, don't tell
- Slow down, shut up and take notes
- Least said, soonest mended
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Question 14 of 15

14. Question
How does the business judgment rule affect directors?
- It allows directors to make decisions without a lot of information
- It requires directors to use business judgment
- It protects directors, as long as they use their best business judgment and adhere to their duties of care and loyalty.
- It protects directors against allegations of conflict of interest
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Question 15 of 15

15. Question
Is D&O liability insurance mandatory for private company boards in the U.S.?
- Yes
- No
- No, but it is usually wise
- No, buying such coverage is a waste of money
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