IIA IIA-CFSA Online Practice Questions and Exam Preparation

IIA IIA-CFSA Online Questions & Answers

• Question 401:

  Disadvantages of term life insurance to buyers are all EXCEPT:

  A. Low outlay
  B. Premium increase with age
  C. No cash value
  D. None of these
  A. Low outlay

• Question 402:

  Deductibles for dental insurance plans are _________

  A. Negligible
  B. Non-existent
  C. Not negotiable (fixed)
  D. Either A or B
  D. Either A or B

• Question 403:

  Internal auditors are expected to uphold the following principles:

  A. Integrity, objectivity, competency
  B. Integrity, objectivity, confidentiality, and competency
  C. Integrity, objectivity, awareness and competency
  D. Integrity, objectivity, entirety
  B. Integrity, objectivity, confidentiality, and competency

• Question 404:

  Watch lists of loans that are in danger of becoming delinquent generally contain information on such as:

  A. Customers name and account information
  B. Loan balance outstanding
  C. Available collateral and its estimated value
  D. All of these
  D. All of these

• Question 405:

  The U.S government is the largest borrower in the world and has a variety of debt instruments. These government obligations or issues are a safe form of debt security, and there has never been a default. The "full faith and credit of the government" back these issues. Some terms and definitions include:

  A. Negotiable securities
  B. Non-negotiable securities
  C. Series YY bonds
  D. Series NN bonds
  A. Negotiable securities
  B. Non-negotiable securities

• Question 406:

  Most of the group health policies contain a _____________to prevent individuals covered under more than one plan from receiving benefits greater than the expense incurred.

  A. Coordination of benefits provisions
  B. Preexisting condition provision
  C. Consumer-driven health
  D. Renewable term provision
  A. Coordination of benefits provisions

• Question 407:

  Customer accounts:

  Ensure that the firm is exercising due diligence in the opening and supervision of customer accounts. The procedures should be formalized in writing and in accordance with the rules and regulations of the appropriate regulatory authority.

  Ensure that daily customer positions and option exercises are in accordance with the limits established by the appropriate exchange. Verify that commissions generated by customer trades are properly calculated and posted to the general

  ledger.

  A. This is one of the primary audit objectives of stock and options
  B. This is one of the primary audit objectives of swaps
  C. This is one of the primary audit objectives of bonds
  D. None of these
  A. This is one of the primary audit objectives of stock and options

• Question 408:

  Basel II aims to improve the security and long-term viability of the financial system by focusing on bank's ____________

  A. Internal control System
  B. Supervisory discipline
  C. Marketing discipline
  D. None of these
  D. None of these

• Question 409:

  The Federal Reserve System interacts with foreign central banks include:

  A. Bank of International Settlements (BIS) and European Central Bank (ECB)
  B. Bank of Investment Settlements (BIS) and European Countries Bank (ECB)
  C. Only Bank of International Settlements (BIS)
  D. None of these
  A. Bank of International Settlements (BIS) and European Central Bank (ECB)

• Question 410:

  Risks inherent in the management process are known as:

  A. Residual risks
  B. Long-term risks
  C. Control risks
  D. Strategic risks
  C. Control risks