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December 2024

Authored by Michał Master

Financial Education

Professional Development

December 2024
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15 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

3M Company has internal controls in place to prevent violations of the FCPA. These include, but are not limited to:

Performing reviews and approving transactions that are taking place.
Month end reconciliations that verify account details and balances
Both answers are correct

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Foreign Corrupt Practices Act (FCPA) contains two sets of provision:

Anti-bribery provisions and books, records, and internal control provisions
Only anti-bribery provisions
External control provisions

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

According to FCPA, Government Officials can be

Professors who work at nonstate-run universities
Consultant, speaker, or advisor
Government employee who benefits from a 3M research grant

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The greatest risk for 3M Company to be engaged with a VIE is through:

contract manufacturing relationship

employment related agreement

goods/services price conditions

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Definiton of Variable Interest Entity (VIE) is: entity that does not have sufficient financial support to survive on its own and where at least one of the following characteristics is present:

Insufficient equity investment at risk
Equity with substantive voting rights
Obligation to absorb losses

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Consultation with GFAC – External Reporting team is required if:

the 3M legal entity has a possible VIE arrangement and annual spending is greater than $5M or if the 3M legal entity has an investment in a third-party entity with net assets greater than $5M
the 3M legal entity has a possible VIE arrangement and annual spending is greater than $15M or if the 3M legal entity has an investment in a third-party entity with net assets greater than $15M
the 3M legal entity has a possible VIE arrangement and annual spending is greater than $1M

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which statement is false?

A credit memo reduces sales and the customer’s receivable balance
A debit memo increases sales and the customer’s receivable balance
A credit memo increases sales and the customer’s receivable balance

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