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Q46. (Topic 2)
Bond yield is the return on a bond. Which of the following terms may apply to bond yields?
A. Nominal yield
B. Market yield
C. Yield to Maturity
D. Both A & C
Answer: D
Q47. (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
Q48. (Topic 1)
Which one of the following audit objectives and steps should not be considered when performing an audit of deposit account?
A. Determine whether dormant accounts are closed in a timely manner and in accordance with policies
B. Determine whether there are adequate controls to prevent unauthorized access and change to customer accounts
C. Determine whether applicable fees and penalties are properly assessed and posted
D. None of these
Answer: D
Q49. (Topic 5)
Close-end funds are traded on:
A. A primary market
B. Secondary market
C. Tertiary market
D. Are not traded anywhere
Answer: B
Q50. (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
Q51. (Topic 3)
____________insurance provides a specified benefit amount in either of the following cases:
If the insured survives to the maturity date of the policy is reached.
If the insured dies before the maturity date of the policy is reached.
A. General life insurance
B. Whole life insurance
C. Endowment insurance
D. Term life insurance
Answer: C
Q52. (Topic 4)
Time deposit transactions are recorded in:
A. Computer-generated ledger sheets and customer pass books
B. Computer-generated ledger sheets
C. Repos
D. Reverse Repos
Answer: A
Q53. (Topic 2)
Basic control/s to consider when auditing derivates strategies is/are:
A. “Created” Reports
B. Risk or position limits
C. Highly volatile markets or illiquid markets
D. Board-approved guidelines
Answer: D
Q54. (Topic 4)
CDs typically require a minimum deposit of at least ________ US, and often require at least ________ US.
A. $500, $10,000
B. $1000, $10,000
C. $1000, $5000
D. $500, $5000
Answer: B
Q55. (Topic 1)
The extent to which an organization has implemented controls to minimize the actual occurrences of the risk determines the vulnerability to the risk actually occurring, or the
“_______”
A. Inherent Risk
B. Understanding Risk
C. Control Risk
D. Disguised Risk
Answer: C
Q56. (Topic 2)
The fund prospectus is the document that provides a general overview and description of the fund. The intent is to provide a potential investor with enough information to make a sound financial decision. The following information is generally placed in a prospectus EXCEPT:
A. General description of the fund
B. Condensed financial information (including annual rate of return and fees)
C. All the management staff
D. How to purchase and redeem shares
Answer: C
Q57. (Topic 3)
The risks associated with operating objectives include all of the following EXCEPT: A. Customer requirements
B. Technology
C. Competitor
D. Financial institute
Answer: D
Q58. (Topic 3)
Initially, back-office operation were created as captives of parent companies and treated as cost centers from cost centers to profit centers due to:
A. The emergence of third-party back-office facilities making it possible for corporation to avail of their services
B. Corporation are increasingly converting captive back-office operations into profit centers by accepting external clients
C. Stagnant position of service activities being outsourced.
D. Both A&B
Answer: D
Q59. (Topic 4)
The due from bank either credits the due to bank’s account or pays the due to bank directly with a ______________.
A. Cheque
B. Bank draft
C. EFT (Electronic Funds Transfer)
D. ATM
Answer: B
Q60. (Topic 4)
Asset-based financing involves loans that are secured by the borrower’s:
A. Fixed assets
B. mortgages
C. Current assets
D. All of these
Answer: C