IIA IIA-CFSA Online Practice Questions and Exam Preparation

IIA IIA-CFSA Online Questions & Answers

• Question 381:

  An index method that credits index-linked interest based on any increase in index value from the index level at the beginning of the contract's term to the highest index value at various points during the contract's term is called:

  A. Point to point method
  B. Annual retuned
  C. The high watermarks method
  D. The low water mark method
  C. The high watermarks method

• Question 382:

  A bank may serve as ___________ for a company's employee benefit and retirement plans.

  A. Administrator or agent
  B. Trustee or co-trustee
  C. Custodian or depository
  D. All of these
  D. All of these

• Question 383:

  Main areas within financial services are:

  A. Banking
  B. Stock Exchange
  C. Operations
  D. All of these
  B. Stock Exchange

• Question 384:

  Risks related to assets/liability management that auditors should be aware of include all of the following EXCEPT:

  A. Deficient information processing, accounting, reconcilement, and reporting systems in relation to transaction volume and complexity
  B. Failure to effectively manage third-party vendors
  C. Failure to use legal counsel effectively
  D. Deficiencies in the integration of purchase-oriented businesses with the responsibilities associated with fiduciary relationships
  D. Deficiencies in the integration of purchase-oriented businesses with the responsibilities associated with fiduciary relationships

• Question 385:

  These policies provide a death benefit when the insured dies during a specified period. The term of this type of policy is usually not less than one year, but may be up to 40 years or more. It provides only temporary protection because

  coverage ends at the end of the term of coverage stated in the policy.

  What are these?

  A. Term life insurance policies
  B. Level term insurance policies
  C. Decreasing term life insurance policies
  D. Whole life insurance policies
  A. Term life insurance policies

• Question 386:

  Which one of the following is an internal control component?

  A. Compliance control
  B. Control activities
  C. Financial Reporting Controls
  D. Communication channels and network
  B. Control activities

• Question 387:

  The actual amount of payment the annuitant pays is based on:

  A. Amount of money invested and interest rate
  B. Length of the time principle has been invested
  C. No of annuity payment to be made
  D. All of the above
  D. All of the above

• Question 388:

  In the United States, banks are required to report cash deposits that exceed $10,000 a day to any one account, regardless of how many branches or deposits have been used in the transactions. Banks are also required to report when cash is used to purchase cashier's checks, money orders, traveler's checks, or bank checks in excess of $3000. In the Untied States, accounts are federally insured by the Federal Deposit Insurance Corporations (FDIC). An individual is limited to __________ in insurance coverage at each bank (including branches).

  A. $50,000
  B. $75,000
  C. $100,000
  D. $10,000
  C. $100,000

• Question 389:

  Group insurance policies typically include a preexisting condition provision that excludes:

  A. Coverage for conditions that the individual received treatment for during specified period prior to the effective date of coverage
  B. Provisions to prevent individuals covered under more than one plan from receiving enefits greater than the expense incurred
  C. Provisions to prevent mutual fund covered under more than one plan from receiving enefits greater than the expense incurred
  D. Coverage for conditions that the individual received treatment for after specified period rior to the effective date of coverage
  A. Coverage for conditions that the individual received treatment for during specified period prior to the effective date of coverage

• Question 390:

  In effect to protect customers from unsubstantiated or undocumented losses. NASD has some specific rules. The rules include:

  A. Registered representatives are prohibited from guaranteeing a customer's account againstloss or from sharing in the losses or gains in an account.
  B. Private transactions conducted outside the firm are prohibited.
  C. If a firm's stock is publicly traded, employees of the firm may not recommend nor solicitpurchases of the firm's stock. However, unsolicited purchases are acceptable.
  D. All of These.
  D. All of These.