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2021 Sep IIA-CFSA exam cram
Q1. (Topic 4)
Securities available for resale, by the bank, should be reported at:
A. Principal value
B. Principal value + interest rate
C. Fair value
D. All of these
Answer: C
Q2. (Topic 2)
Derivatives can be:
A. Exchange traded securities
B. Exchange traded options
C. Over-the-counter traded securities
D. Either A or C
Answer: D
Q3. (Topic 3)
Hospitals document reserves as that portion of the accounts receivables that they hope to collect but have some doubt about its collectability. Rather than book these amounts as income, hospitals will “____________” These amounts until paid.
A. Bad debts
B. Reserve
C. Income expense
D. All (Allowance for loans and lease losses)
Answer: B
Q4. (Topic 2)
Which one of the annuities, mentioned below, is not regulated by the SEC:
A. Fixed annuities
B. Variable annuities
C. Mixed annuities
D. Expired annuities
Answer: A
Q5. (Topic 3)
A special servicer is the servicer who assumes servicing responsibilities when a loan goes into default and conducts the work-out “or foreclosure process. There are various scenarios typical for determining special servicers; as mentioned below, EXCEPT:
A. Those seller/issuers retaining the first-loss piece
B. Those investing in “B” pieces in return for special services rights.
C. Those appointed solely because of risk-management expertise.
D. None of these
Answer: C
Up to the minute IIA-CFSA exam question:
Q6. (Topic 5)
The administration of personal trust accounts is primarily controlled by all of the following EXCEPT:
A. Terms of Governing instrument
B. A will
C. Trust agreement
D. Court order
Answer: A
Q7. (Topic 3)
The companies strive to improve customer acquisition, services and retention through the use of following methods EXCEPT:
A. Market Analysis
B. Customer relationship management
C. One-to-one marketing
D. None of these
Answer: C
Q8. (Topic 3)
Securities lending refers to the practice of temporarily transferring securities to a borrower with the intent that the lender will buy them back at a future date. The borrower is required to return the securities to the lender, either on demand or at a specified time. A major reason for securities lending is:
A. To circulate the issued capital
B. To facilitate short sale
C. To facilitate over the counter trade
D. To fasten secondary market trading
Answer: B
Q9. (Topic 5)
Managed care has effectively formed a “go between,” ________________ by existing as the gatekeeper between payers & providers and patients.
A. PPO (Preferred provider organization)
B. Full-service health insurance
C. Brokerage or third party arrangement
D. None of these
Answer: C
Q10. (Topic 3)
An area of FOMC board responsibilities is the development and administration of regulation that implement major federal laws governing consumer credit, such as:
A. Truth bending Act and the equal credit opportunity Act
B. Home Mortgage disclosure Act and truth savings ACT
C. Sunshine Act
D. Only A & b
Answer: D