Want to know Exambible IIA-CFSA Exam practice test features? Want to lear more about IIA Certified Financial Services Auditor certification experience? Study Free IIA IIA-CFSA answers to Renewal IIA-CFSA questions at Exambible. Gat a success with an absolute guarantee to pass IIA IIA-CFSA (Certified Financial Services Auditor) test on your first attempt.
2021 Sep IIA-CFSA exam price
Q221. (Topic 3)
Purchasers of universal life policies specify the policy’s face amount and whether the death benefit will be level or vary as the policy’s cash value changes. Under level death benefit policies the death benefit payable:
A. Equals the policy’s face amount
B. More than the policy’s face amount
C. Less than the policy’s face amount
D. Is policy’s face value plus any accumulated cash value
Answer: A
Q222. (Topic 5)
Which two of the following characteristics apply to universal life insurance policies?
I. To provide the insured with a number of investment options.
II. To provide the insured with a minimum guaranteed cash value.
III. To provide a cash value fund that accumulates tax deferred.
IV.
To provide flexibility of both premium and death benefits.
A.
I and IV
B.
II and III
C.
III and IV
D.
I and III
Answer: C
Q223. (Topic 3)
Federal Reserve’s duties fall into following general areas EXCEPT:
A. Conducting the nation’s monetary policy
B. Supervising and regulating banking institutions and protecting the credit right of consumer
C. Maintaining the stability of the financial system
D. None of these
Answer: D
Q224. (Topic 5)
Which of the following are NOT common funding vehicles used by insurers to invest in retirement plan assets as they are accumulated?
A. Group deferred annuities.
B. Deposit administration contracts.
C. Separate account contracts.
D. Keogh plans.
Answer: D
Q225. (Topic 3)
Insurance is a method of transferring, for a fee, the financing responsibility for the risk to another party. Insurance polices are legal contracts. There are four elements that constitute a legal, binding contract. Which of the following is NOT out of those elements?
A. Agreement
B. Periodic review
C. Competent parties
D. Legal purpose
Answer: B
Improved IIA-CFSA exams:
Q226. (Topic 1)
Example/s of ongoing monitoring function/s is/are: A. Management’s review of performance reports and comparing them to the budgets and other benchmarks
B. Feedback obtained from external parties (e.g. complaints from stake holders)
C. Direct supervision and review of work by functional level managers
D. All of above
Answer: D
Q227. (Topic 3)
Underwriting decisions are more influenced by what underwriters think they can sell to the public than _____________.
A. Quality of the company
B. Judgment in picking the IPO
C. Estimated profit/gains
D. Both A&C
Answer: A
Q228. (Topic 4)
The term “thrift institution” is referred to:
A. Savings banks
B. Savings and loan associations
C. Saving banks and saving loan associations
D. Mortgage banks
Answer: C
Q229. (Topic 2)
The purpose of audits of financial statements is to issue an opinion on the fairness of thefinancial statements and to evaluate all of the following assertions (explicit or implicit) bymanagement EXCEPT:
A. Existence or occurrence assertions address whether available information addresses actualtransactions, assets, and liabilities
B. completeness assertions address whether all material financial information is included infinancial statements
C. Rights and obligations assertions address whether the entity has legal rights to the assets andobligations to the liabilities disclosed on the financial statements
D. Presentation and disclosure assertions address whether the elements of the financialstatements are properly organized, classified and disclosed
Answer: C
Q230. (Topic 1)
For Example one exception in 1000 cases is probably not the reason enough to recommend overhauling the entire system, although the final answer must be derived from the context and the condition of the related control system. Which one of the following statements is clearly supported by this example?
A. Auditors should base findings and recommendations on significant information
B. Auditors should be aware of that the concept of materiality and significance take on different meanings in the public and private sectors
C. Both of these
D. None of these
Answer: A