Introductory Business Law CLEP Prep Practice Exam

What are corporations required to file with the SEC annually?

1. 10-K report

2. 990 report

3. CCR report

4. Sarbanes-Oxley Act

The correct answer is: 10-K report

Corporations are required to file a 10-K report with the SEC annually. This report is a comprehensive summary of the company's financial performance and includes information such as income, expenses, assets, and liabilities. It also typically includes a section on management discussion and analysis and disclosure of any risks and uncertainties. B While 990 reports are also filed with the SEC, they are specific to tax-exempt organizations, not corporations. This report provides information on the organization's finances, activities, and governance. C: CCR reports, short for Central Contractor Registration, are filed with the government in order to do business with them. This is not a requirement for corporations filing with the SEC. D: The Sarbanes-Oxley Act is a law that sets standards for financial reporting by public companies but it does not need to be filed with the SEC annually. It is the