IIA-CFSA Exam Practice Test Instant Access

Question 1

__________ is a tool to transfer qualified investments from one account to another. In order to retain certain special tax treatments, funds may not be co-mingled with other types of assets, including other IRAS.

ARollover IRA

Bsimple IRA

CConduit IRA

DSEP IRA

Answer : C

Question 2

The second largest economic area in the world is:

AUnited States

BEuro Area

CJapan

DGulf Region

Answer : B

Question 3

A major type of personal selling distribution system is the:

ADirect response distribution

BFace to face representation

COrdinary agency system or career agency system

DAgency-building distribution

Answer : D

Question 4

Following are the EU Saving Directives paying agents EXCEPT:

ABanks and deposit takers

BBrokers, Registrars and investment funds

CCastilians and transfer agent

DAll of these

Answer : D

Question 5

Following elements should be documented in the audit scope EXCEPT:

ATime period to be covered by audit tests

BAvailable data:
No. of records
Locations
Need to create data
Form
Reliability

CPrioritizing risks

DBoth A and B

Answer : D

Question 6

An example of an invalid deductive argument is as follows: Major premises: All employees who are committing fraud drive luxury cars. Minor premises: __________ Conclusion: Therefore, John Doe is committing fraud. What will be the minor premise in this example?

AJohn Doe is an employee

BJohn Doe drives a luxury car

CJohn Doe is a senior management level employee

DJohn Doe drives an ordinary car

Answer : B

Question 7

Financial institutions regularly identify uncollectible accounts and charge them off against the reserve of:

AUnearned loan revenue

BLoan losses

CLoan expenses

DAll of these

Answer : B

IIA Certified Financial Services Auditor IIA-CFSA CFSA Exam Practice Test