The following quiz was given at CFO Magazine's CFO Rising West conference this week. It's not as easy as it seems – I got a D+.
(A link to the correct answers is at the bottom.)
Test Your Finance Knowledge
Courtesy of CFO Magazine
1) What's the average tenure for a Fortune 1000 CFO?
a. 4.3 years
b. 9.5 years
c. 15 years
d. 2.2 years
2) What percent of Fortune 1000 CFOs are women?
a. 1.5 percent
b. 22.0 percent
c. 7.7 percent
d. 9.5 percent
3) What percent of today's Fortune 1000 CFOs have neither an MBA nor a CPA?
a. 92 percent
b. 24 percent
c. 10 percent
d. 55 percent
4)In the past four years, how many CFOs have been convicted by the Corporate Fraud Tax Force?
5) How much money did the SEC collect from former Worldcom CFO Scott Sullivan in fines and restitution?
a. $13 million
b. $20 million
c. $2.2 million
What widespread, lawsuit-inducing substance did CFO magazine describe
as the new asbestos, and the "fastest growing toxic tort" in years?
a. Yellow highlighter pen ink
c. Diacetyl (popcorn butter)
Under the latest FASB interpretation of accounting for uncertain tax
positions (Fin 48), when must you recognize that your company's tax
position is uncertain?
a. When the chance of being audited is "more likely than not" (i.e., there is a greater than 50% chance it will audited)
b. When it is "reasonably likely" that the position will be audited
c. When the chance of being audited is "remote"
d. None of the above.
8) What government agency is responsible for handling whistleblower complaints brought under the Sarbanes-Oxley Act?
a. IRS (Internal Revenue Service)
b. SEC (Securities and Exchange Commission)
c. OSHA (Occupational Safety and Health Administration)
d. DOJ (Department of Justice)
9) What did Martha Stewart's August settlement with the Securities and Exchange Commission prohibit her from doing?
a. Using a glue gun for any purpose whatsoever
b. Owning stock in her company
c. Being a CFO
d. Turning her home detention ankle bracelet into a festive napkin ring
10) According to the latest figures available (2004), how many accountants and auditors are there in the U.S.?
b. 10 million
c. 1.2 million
d. 2.0 million