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Aasi Module 3 - Group 3

This document is a 20 question quiz about auditing and the mining industry. It covers topics like the mining life cycle, challenges in the mining industry, relevant legislation, systems thinking, trends like nature-based solutions and accelerating the circular economy. It tests understanding of concepts like financial assurances, revenues from extraction, and collaborative innovation approaches except maximizing environmental resources.

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Nanase Senpai
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153 views

Aasi Module 3 - Group 3

This document is a 20 question quiz about auditing and the mining industry. It covers topics like the mining life cycle, challenges in the mining industry, relevant legislation, systems thinking, trends like nature-based solutions and accelerating the circular economy. It tests understanding of concepts like financial assurances, revenues from extraction, and collaborative innovation approaches except maximizing environmental resources.

Uploaded by

Nanase Senpai
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Module 3 – Auditing and Mining Industry QUIZ

1. Opposing the use of explosive mines; acting as a defense against explosive


mines.
a. Small-scale mining
b. Large-scale mining
c. Anti-mining sentiment
d. Anti-explosive mines sentiment

2. This country is the leading producer of mineral commodities such as


nickel, gold, and copper.
a. Philippines
b. China
c. Korea
d. Japan

3. Philippines is the second-largest producer of nickel in the world, just after


Thailand.
a. True
b. False

4. It is the mining of minerals by individuals, groups of people, or small


businesses using a lot of manual work and little to no capital investment.
a. Small-scale Mining
b. Anti-mining Sentiment
c. Extractive Industries
d. None of the above

5. All of these are the challenges in the mining industry, except:


a. Impact of COVID-19
b. Circumvention of permits
c. Interfacing with LGUs
d. Delays in the declaration of people
Module 3 – Auditing and Mining Industry QUIZ (Answer Key)

6. It takes place at the end of a mine’s life.


a. Royalties
b. Reclamation Costs
c. Operating Costs
d. Taxes

7. It can often be complicated with mining companies operating in several


countries.
a. Taxes
b. Depreciation
c. Revenue
d. None of the above

8. It is the major backbone in the Philippine economy.


a. Business Industry Sector
b. Mining Industry Sector
c. Agriculture
d. Maritime Industry Sector

9. Choose the correct mining life cycle:


a. I. Exploration, Project Development, Mining and Milling, Abandoned Mine,
Mine Closure, Smelting & Refining
b. II. Exploration, Project Development, Mining and Milling, Smelting &
Refining, Mine Closure, Abandoned Mine
c. III. Exploration, Project Development, Smelting and Refining, Mining and
Milling, Mine Closure, Abandoned Mine
d. IV. Exploration, Project Development, Mine Closure, Mining and Milling,
Smelting and Refining, Abandoned Mine
Module 3 – Auditing and Mining Industry QUIZ (Answer Key)

10.This is awarded through direct negotiation.


a. Oil and Gas Service Contracts (PSCs)
b. Mining Permits
c. Beneficial Ownership Disclosure
d. SEC Memorandum Circular No. 15

11.Which of these development phases of mining is not included?


a. Overburden Stripping and Placing
b. Drilling and Trenching
c. Burrowing and Climbing
d. Erecting Treatment Plants

12.They collect sector levies for coal, oil, and gas.


a. Mines and Geosciences Bureau
b. Local Government Unit
c. Department of Environment and Natural Resources
d. Department of Energy

13.An oil and gas exploration and production contract given to private companies.
a. Proposed Sharing Contract
b. Production Sharing Contract
c. Petroleum Service Contract
d. Product Service Contract

14.“Are there mechanisms for regular monitoring of sites and monitoring of


associated securities?”, “Are these mechanisms implemented?”, and “What is
the frequency of site visits?” are high-level questions about?
a. Financial Assurance for Site Remediation
b. Revenues from the Extraction of Minerals
Revenues from the
c. Both Financial Assurances for Site Remediation
and Extraction of Materials
d. None of the above
Module 3 – Auditing and Mining Industry QUIZ (Answer Key)

15.“Has new relevant legislation or regulation been introduced or have


significant changes been made to existing legislation and regulation
recently?” is a high- level question about?
a. Financial Assurances for Site Remediation
b. Revenues from the Extraction of Minerals
c. Both Financial Assurances for Site Remediation and Revenues from the
Extraction of Materials
d. None of the above

16.Which of the following is not under the trend of Rethinking external talent
pathways?
a. Circumventing the skills shortage
b. Revisiting talent pathways with a fresh lens
c. From upskilling to DEI
d. Filling in the gaps

17.It is a method used to understand and characterize a whole system, including


its smaller systems, by examining the linkages and interactions between its
different elements.
a. Systems Design
b. Systems Thinking
c. Systems Modeling
d. Systems Approach

18.According to 2023 Mining Trends from Deloitte, these are actions that use
nature to help address societal challenges through the conservation and
protection, sustainable management and/or restoration of natural or modified
ecosystems.
a. Culture-based performance
b. Nature-based solutions
c. Society-based restorations
d. Sustainability-based conservation
Module 3 – Auditing and Mining Industry QUIZ (Answer Key)

19.Early Circulation Economy adopter companies have the opportunity to


influence the downstream of mining industries leading them to .
a. Disarray the system of circular economy.
b. Increase the number of product waste.
c. Accelerate growth of a wider circular economy.
d. Pollute the natural resources severely.

20. To achieve greater value in collaborative innovations, companies are advised


to do the following, except:
a. Maximize the available resources in the environment
b. Share appropriate data
c. Sequence their relationships
d. Build professional trust

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