The ________ Was Passed in 2002 in Response to a Number

question 42

Multiple Choice

The ________ was passed in 2002 in response to a number of highly publicized accounting scandals.

• A) Sarbanes-Oxley Act
• B) McCain-Feingold Act
• C) Securities and Exchange Act
• D) Accounting Standards Act

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Definitions:

Lump Sum Amount

A single payment made for a particular purpose, rather than payments made in installments.

Employee Retirement Income Security Act

A federal law that sets minimum standards to ensure that voluntary, private industry pension and health plans are established and maintained in a fair and financially sound manner.

Private Retirement Plans

Financial plans that individuals or employers establish to save for retirement, which can include 401(k) plans, IRAs, and other savings models.

Pension Fund

A pool of assets forming a retirement plan for employees, in which funds are invested on behalf of members to generate future benefits.