FERC: SOC Compliance Training Test! Trivia Quiz

2.

Which of the following is NOT a SOC principle?

Independent Function Rule
Transparency Rule
No Conduit Rule
Marketing Rule

Correct Answer

A. Marketing Rule

Explanation

The marketing rule is not a SOC (System and Organization Controls) principle. SOC principles are a set of criteria used to evaluate the effectiveness of a service organization's internal controls. The Independent Function Rule states that the organization's functions should be segregated to prevent conflicts of interest. The Transparency Rule requires the organization to provide clear and accurate information to users. The No Conduit Rule prohibits the organization from acting as a conduit for another entity's transactions. However, the marketing rule is not a recognized SOC principle and does not pertain to internal controls or the evaluation of service organizations.

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3.

Non-discrimination Rule indicates:

There is some leeway in adherence to the tariff.
Transmission and distribution customers must be treated equally.
Public postings of day-today operations are only needed for marketing employees.
Marketing employees must give preferential treatment to Transmission Function Employees.
All of the Above
None of the Above

Correct Answer

A. None of the Above

Explanation

The Non-discrimination Rule does not indicate any of the given options. It refers to the requirement that transmission and distribution customers must be treated equally, regardless of their size, location, or any other factor. This means that all customers should have fair and non-discriminatory access to the services provided by the company. It ensures that there is no favoritism or preferential treatment given to any particular customer or group of customers.

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4.

Transparency Rule indicates:

Information postings and disclosures on the website will be transparent.
Information postings and disclosures on the website are not time sensitive.
All transmission function activities must be posted on the website.
All of the Above

Correct Answer

A. Information postings and disclosures on the website will be transparent.

Explanation

The Transparency Rule indicates that information postings and disclosures on the website will be transparent. This means that the information provided will be clear, honest, and easily understandable to the users of the website. It ensures that there is no hidden or misleading information and promotes openness and accountability in the dissemination of information.

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5.

The Standard of Conduct Applicability includes:

Fair treatment of all customers.
Information postings on the Electronic Bulletin Board (EBB) be clear, accurate and timely.
Information posted on the EBB is public.
A and B Only
All of the Above

Correct Answer

A. All of the Above

Explanation

The correct answer is "All of the Above". The Standard of Conduct Applicability includes fair treatment of all customers, as well as clear, accurate, and timely information postings on the Electronic Bulletin Board (EBB). It also states that the information posted on the EBB is public. Therefore, all of these statements are applicable according to the Standard of Conduct.

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6.

Granite plans to perform maintenance on the pipeline. What is Granite's obligation?

Granite must notify all customers via the EBB.
Granite must only notify the company's Marketing Function Employees.
Granite can perform the maintenance without any notifications.
A and B Above

Correct Answer

A. Granite must notify all customers via the EBB.

Explanation

Granite's obligation is to notify all customers via the EBB. This means that Granite is required to inform all of its customers about the maintenance on the pipeline through the EBB (Electronic Bulletin Board) system. This ensures that all customers are aware of the maintenance and can plan accordingly.

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7.

Northern, an affiliated natural gas distribution company, contacts Granite regarding maintenance posted on the Electronic Bulletin Board. Can Granite respond without violating SOC?

Yes
No
Only if Granite notifies all customers of its affiliation with Northern.

Correct Answer

A. Yes

Explanation

Granite can respond to Northern's maintenance request without violating SOC because there is no requirement for Granite to notify all customers about its affiliation with Northern in order to respond. Therefore, Granite can freely respond to Northern without any violation.

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8.

Granite can provide non-public information to:

Non-affiliated companies
Affiliated companies
Both affiliated and non-affiliated companies
None of the Above

Correct Answer

A. None of the Above

Explanation

The correct answer is "None of the Above" because the question states that Granite can provide non-public information, but none of the options mention this. Therefore, none of the options accurately represent who Granite can provide non-public information to.

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9.

Information posted on the EBB must be clear, accurate and

Timely
Transparent
PDF Version Only
None of the Above

Correct Answer

A. Timely

Explanation

The information posted on the EBB must be timely in order to be considered clear and accurate. Timeliness ensures that the information is up-to-date and relevant, providing users with the most current and reliable data. This is important for transparency as it allows users to make informed decisions based on the latest information available. Therefore, the requirement for information posted on the EBB to be timely is crucial for maintaining the integrity and usefulness of the platform.

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10.

The Gas Controllers are Function Employees

Systems Operations
Transmission
Marketing
None of the Above

Correct Answer

A. Transmission

Explanation

The Gas Controllers are responsible for the transmission of gas. They oversee the operation and maintenance of the gas transmission system, ensuring that gas is delivered safely and efficiently to customers. They monitor gas flow, pressure, and temperature, and make adjustments as needed to maintain system integrity. They also coordinate with other departments and stakeholders to ensure the reliable and uninterrupted supply of gas. Therefore, the correct answer is Transmission.

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FERC: SOC Compliance Training Test! Trivia Quiz

Compliance with the SOC is required by the:

Quiz Preview

Which of the following is NOT a SOC principle?

Non-discrimination Rule indicates:

Transparency Rule indicates:

The Standard of Conduct Applicability includes:

Granite plans to perform maintenance on the pipeline. What is Granite's obligation?

Northern, an affiliated natural gas distribution company, contacts Granite regarding maintenance posted on the Electronic Bulletin Board. Can Granite respond without violating SOC?

Granite can provide non-public information to:

Information posted on the EBB must be clear, accurate and

The Gas Controllers are Function Employees