FERC: SOC Compliance Training Test! Trivia Quiz
Below is a Ferc: SOC Compliance Training Test! It is perfect for helping you see just how much you know about how to the standard of conduct that is expected of you when it comes to the SOC. Do give it a try, and be sure to check out other tests like this to perfect your skills. All the best!
- 1.
Compliance with the SOC is required by the:
- A.
Securities and Exchange Commission
- B.
U.S. Department of Transportation
- C.
Federal Energy Regulatory Commission
Correct Answer
C. Federal Energy Regulatory CommissionExplanation
The correct answer is the Federal Energy Regulatory Commission. The SOC, which stands for System and Organization Controls, is a set of standards and guidelines for ensuring the security, availability, processing integrity, confidentiality, and privacy of information systems. Compliance with SOC is required by the Federal Energy Regulatory Commission, which is responsible for regulating and overseeing energy markets and infrastructure in the United States. This means that energy companies and organizations operating in the energy sector must adhere to the SOC requirements set forth by the Federal Energy Regulatory Commission to ensure the protection of sensitive information and the reliability of their systems.Rate this question:
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- 2.
Which of the following is NOT a SOC principle?
- A.
Independent Function Rule
- B.
Transparency Rule
- C.
No Conduit Rule
- D.
Marketing Rule
Correct Answer
D. Marketing RuleExplanation
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.Rate this question:
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- 3.
Non-discrimination Rule indicates:
- A.
There is some leeway in adherence to the tariff.
- B.
Transmission and distribution customers must be treated equally.
- C.
Public postings of day-today operations are only needed for marketing employees.
- D.
Marketing employees must give preferential treatment to Transmission Function Employees.
- E.
All of the Above
- F.
None of the Above
Correct Answer
F. None of the AboveExplanation
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.Rate this question:
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- 4.
Transparency Rule indicates:
- A.
Information postings and disclosures on the website will be transparent.
- B.
Information postings and disclosures on the website are not time sensitive.
- C.
All transmission function activities must be posted on the website.
- D.
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.Rate this question:
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- 5.
The Standard of Conduct Applicability includes:
- A.
Fair treatment of all customers.
- B.
Information postings on the Electronic Bulletin Board (EBB) be clear, accurate and timely.
- C.
Information posted on the EBB is public.
- D.
A and B Only
- E.
All of the Above
Correct Answer
E. All of the AboveExplanation
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.Rate this question:
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- 6.
Granite plans to perform maintenance on the pipeline. What is Granite's obligation?
- A.
Granite must notify all customers via the EBB.
- B.
Granite must only notify the company's Marketing Function Employees.
- C.
Granite can perform the maintenance without any notifications.
- D.
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.Rate this question:
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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?
- A.
Yes
- B.
No
- C.
Only if Granite notifies all customers of its affiliation with Northern.
Correct Answer
A. YesExplanation
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.Rate this question:
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- 8.
Granite can provide non-public information to:
- A.
Non-affiliated companies
- B.
Affiliated companies
- C.
Both affiliated and non-affiliated companies
- D.
None of the Above
Correct Answer
D. None of the AboveExplanation
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.Rate this question:
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- 9.
Information posted on the EBB must be clear, accurate and
- A.
Timely
- B.
Transparent
- C.
PDF Version Only
- D.
None of the Above
Correct Answer
A. TimelyExplanation
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.Rate this question:
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- 10.
The Gas Controllers are Function Employees
- A.
Systems Operations
- B.
Transmission
- C.
Marketing
- D.
None of the Above
Correct Answer
B. TransmissionExplanation
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.Rate this question:
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Quiz Review Timeline +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
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Current Version
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Mar 20, 2023Quiz Edited by
ProProfs Editorial Team -
Oct 19, 2012Quiz Created by
Unitil
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