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Q106.  (Topic 2) 

Annuities provide the annuitants with ________________. 

A. Tax-deferred earnings 

B. Tax-accrued earnings 

C. Tax-free earnings 

D. Maximum level of earnings 


Q107.  (Topic 1) 

Internal audit routinely reviews compliance risk and also should be reviewing business risk. The efforts to control both risk types will purely enhance: 

A. The short-term profitability and viability of an organization 

B. The long-term profitability and viability of an organization 

C. Both short-term and long-term profitability and viability of an organization 

D. None of these 


Q108.  (Topic 5) 

Option’s in major types of life insurance is/are: 

A. May be renewable or convertible to a whole life policy (term life insurance) 

B. May pay dividends, may provide a reduced paid-up policy. Partial cash surrenders permitted (whole life insurance) 

C. May pay dividends minimum death benefit partial cash surrenders permitted 

D. All of these 


Q109.  (Topic 1) 

Which one of the following is/are NOT the type of retirement plans that banks may administer? 

A. Pension plans 

B. Self-employed retirements trust 

C. Group retirement accounts 

D. Post-requirement accounts 

Answer: C,D 

Q110.  (Topic 5) 

A gold producer wants to hedge his loses attributable to a fall in the price of gold for his current gold currency. This is an example of: 

A. Currency Swaps 

B. Commodity Swaps 

C. Interests rate Swaps 

D. All of these 


409.  (Topic 5) 

____________ swaps give companies extra flexibility to exploit their comparative advantage in their respective borrowing markets. 

A. Fixed-floating swaps 

B. Currency swaps 

C. Interest rate swaps 

D. None of these 


Q111.  (Topic 1) 

If principal is paid on a loan after it has been placed on non-accrual status, the bank must determine whether it should record the payment as a reduction of: 

A. The loan principal amount 

B. Income interest 

C. Both of these 

D. Any one of these 


Q112.  (Topic 5) 

Investors typically cannot ascertain the exact makeup of a fund’s portfolio at any given time, nor can they directly influence which securities the fund manager buys and sells or the timing of those trades. This is because of _______ in mutual funds. 

A. Price uncertainty 

B. Lack of control 

C. Costs despite negative returns 

D. All of these 


Q113.  (Topic 2) 

System tailoring is accomplished by setting optional system parameters and, therefore, has animpact on system performance and security. Control techniques for system’s software include: 

A. Setting appropriate system parameters and security options for operating system 

B. Verifying the accuracy of output through manual or automated reconciliation activities 

C. Using the security features of security software effectively 

D. Controlling procurement and maintainace of software licenses 

Answer: A,C,D 

Q114.  (Topic 4) 

When one party trades a variable interest rate for a fixed interest rate or vice versa then __________ occurs. 

A. Future contracts 

B. Interest rate swap 

C. Option 

D. Forward contracts 


Q115.  (Topic 2) 

These are the most common type of municipal bonds and are backed by projected revenue streams from the infrastructure built by the bond. These revenues can be in the form of rental r user fees for facilities or even tolls for road improvements. What are these? 

A. Doubled barreled bonds 

B. Moral obligation bonds 

C. Special tax bonds 

D. Revenue bonds 


Q116.  (Topic 1) 

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 


Q117.  (Topic 1) 

Trust departments provide services to publicly held companies related to issuing and maintaining: 

A. Stock transactions 

B. Stock balances 

C. Stock threshold 

D. None off these 


Q118.  (Topic 2) 

All members of a group insurance plan (group insureds) are covered under a single contract, known as a master group insurance contract. The employer or entity purchasing the group insurance is known as group policyholder. In _____________, group insureds do not pay any premium for the coverage. 

A. Noncontributory plan 

B. Contributory plan 

C. Life insurance 

D. Preexisting provision condition 


Q119.  (Topic 2) 

___________ are a type of mutual funds that is required by law to invest in highly liquid and low-risk securities such as certificates of deposits or government securities. These funds pay dividends that generally reflect short-term interest rates and are not federally insured. Due to low-risk nature of the investments, these funds rarely lose money. 

A. Money market funds 

B. Trust funds 

C. Collateral funds 

D. Index funds 


Q120.  (Topic 1) 

Banks provide the following personal trust service/services for the individuals: 

A. Estate settlement 

B. Co-fiduciary 

C. Agent 

D. All of these