1. An effective board and director evaluation process is controlled by the board itself.

True or False

2. The Financial Accounting Standards Board (FASB) is the major entity proposing international standards of accounting.

True or False

3. Effective boards link rewards to performance.

True or False

4. When conducting its obligations to the company, if the Board does not take responsibility for its agenda, it will not be independent.

True or False

5. The board chairman's main areas of responsibility cover managing the board, communication, succession planning, and management evaluations.

True or False

6. When more experienced and powerful board members are present, individual directors are not discouraged from participating at their full potential.

True or False

7. Companies design corrective controls around their transactions in order to minimize the possibility that misstatements will occur.

True or False

8. Board behavior is governed by both formal and informal rules.

True or False

9. The best board contain members that are comprised of mostly prominent persons in society, as well as a few from the industry in which they work.

True or False

10. When bad things happen, employees should know they can go to the chairman of the board.

True or False

11. Adherence to IASB's standards is voluntary. However, FASB mandates following GAAP.

True or False