IIA IIA-CFSA Online Practice Questions and Exam Preparation

IIA IIA-CFSA Online Questions & Answers

• Question 101:

  Liability insurance is a part of general insurance system of _________.

  A. Risk involvement
  B. Risk transference
  C. Risk management
  D. Self-help funds
  B. Risk transference

• Question 102:

  Both residual and control risk need to be_______________ dealt with in project management.

  A. Timely
  B. Implicitly
  C. Professionally
  D. Explicitly
  D. Explicitly

• Question 103:

  A participant's right to receive partial or full benefits under a private retirement plan even if the participant terminates employment prior to retirement is referred to as

  A. Contributing.
  B. Accumulating.
  C. Vesting.
  D. Non-revocation.
  C. Vesting.

• Question 104:

  The primary component of the McCarran-Ferguson Act is/are:

  A. To allow states to retain the right to regulate the insurance industry
  B. To allow the federal government to assume regulation of the insurance industry if Congress feels that the state regulation is inadequate or does not serve the public interest
  C. Both of these
  D. None of these
  C. Both of these

• Question 105:

  The objective/s of a trust department audit is/ are to:

  A. Detect and prevent irregularities such as errors and fraud
  B. Access adequacy of accounting, operating, and administrative controls and procedures
  C. Determine the quantity of account administration
  D. all of the above
  D. all of the above

• Question 106:

  ___________ bank balances are bank assets on deposit in other banks.

  A. "Due from"
  B. "Due to fixed reserves
  C. "Due from reserves"
  D. Both Band C
  A. "Due from"

• Question 107:

  Annuities can be purchased through the following methods EXCEPT:

  A. Single payment deferred
  B. Periodic payment deferred
  C. Immediate payment
  D. Single payment accrued
  D. Single payment accrued

• Question 108:

  It is a contract that defines corporation and bondholders responsibilities and is designed to protect the right of the bondholders. A trustee (most often a commercial bank) is generally appointed to ensure that the obligations defined in the agreement are of trust indenture must e filled with SEC. What is it?

  A. Bond certificate
  B. Trust indenture
  C. Secured bonds
  D. Collateral trust
  B. Trust indenture

• Question 109:

  Deposit accounts are either interest bearing or non-interest bearing. Interest bearing accounts includes _________ and ___________. The types of accounts bear interest for a fixed period of time and are known as time deposits.

  A. Savings accounts, certificates of deposit
  B. Savings accounts, term deposit
  C. Certificate of deposit, Savings accounts and certificates of deposit
  D. Savings accounts, certificates of deposit and non-interesting bearing account
  A. Savings accounts, certificates of deposit

• Question 110:

  If interest rates fall, a bond issuer may decide to pay off (or "retire") its debt and issue new bonds that pay a lower rate. When this happens, the fund may not be able to reinvest the proceeds in an investment with a high return or yield. This is an example of:

  A. Credit risk in bond funds
  B. Prepayment risk in bond funds
  C. Interest rate risk in bond funds
  D. All of these
  B. Prepayment risk in bond funds