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Q121.  (Topic 3) 

The EU saving Directive is aimed at effective taxation of saving income in the form of: 

A. Interest payments 

B. Inflation 

C. Both of these 

D. None of these 


Q122.  (Topic 5) 

Whole life insurance protects for: 

A. A specified period 

B. Flexible Time period 

C. Entire life if you keep the policy 

D. Both B& C 


Q123.  (Topic 2) 

A statement of cash flows in a financial report that shows incoming and outgoing money during a particular period (often monthly or quarterly). It does not include _________ items such as depreciation. The statement is a useful tool for determining the short-term viability of a company, particularly its ability to pay bills. 

A. Non-cash 

B. Depreciation related 

C. Depletion related 

D. Lon-term debt 


Q124.  (Topic 5) 

Which of the following accounts would NOT be found on a life insurance company’s statutory financial statements? 

A. Non admitted assets 

B. Non ledger assets 

C. Deferred acquisition cost 

D. Policy loans 


Q125.  (Topic 5) 

Money market funds bond funds (also called “fixed income” funds) , and stock funds (also called equity funds) are the categories of: 

A. Mutual funds 

B. Professionally managed portfolio 

C. Hedge funds 

D. None of these 


Q126.  (Topic 1) 

Certificates of deposit may be: 

A. Bearable or registered 

B. Negotiable or non-negotiable 

C. None of these 

D. Both of these 


Q127.  (Topic 5) 

Which of the following is not an audit objective of a commodity department? 

A. All customer accounts are opened and maintained in accordance with the rules and regulations commodity futures trading commission (CFTC) and the various commodity Exchanges 

B. Adequate control exist to ensure the accuracy and propriety of information contained in regulatory reports, such as the commodity futures trading commission form 1-FR, and the focus report 

C. Verify the accuracy and reporting (inventory reports, fail reports, again reports and profit and loss reports.) 

D. None of these 


Q128.  (Topic 5) 

Trust under will is a term referred to: 

A. Living trust 

B. Testamentary trust 

C. Revocable trust 

D. None of these 


Q129.  (Topic 2) 

Due from bank balances are used to: 

A. Ensure liquid reserves 

B. Protect stored data 

C. Restrict physical access to cardholder 

D. Facilitate the transfer of funds and to use as compensation for correspondent bankingservices 

Answer: A,D 

Q130.  (Topic 2) 

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 


Q131.  (Topic 5) 

The time that a new group member must wait before becoming eligible to enroll in a group insurance plan is known as the: 

A. Actively-at-work provision 

B. Probationary period 

C. Eligible period 

D. Enrollment period 


Q132.  (Topic 2) 

Commercial, residential and consumer are three basic types of: 

A. Short term working capital loans 

B. Asset-based financing 

C. Installment loans 

D. Loans 


Q133.  (Topic 2) 

At the end of the day all funds in a non-interest bearing checking account are cleared out andmoved into a short-term investment account overnight. At the beginning of the next day, those funds are put back into the regular account for use that day. Such accounts are called: 

A. Zero-balance accounts 

B. Sweep Accounts 

C. Lock Boxes 

D. None of these 


Q134.  (Topic 5) 

To server as family and/or financial planning tool 

To provide for retirement 

To obtain favorable tax treatment 

These are the primary reasons 

A. For establishing a trust 

B. For naming an institution as trustee 

C. of Safekeeping 

D. of Custodial 


Q135.  (Topic 3) 

Insurance companies decide on a _________ whether an investigation is necessary 

A. Claims review basis 

B. Case-by-Case basis 

C. Claim investigation basis 

D. All of these