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2021 Sep IIA-CFSA exam answers
Q11. (Topic 5)
There are different classes of mutual funds. Classes that typically do not have a front-end sales load. Instead they may impose a contingent deferred sales load and a 12b-1 fee (along with other annual expenses) is called:
A. Class A
B. Class B
C. Class C
D. Both B&C
Answer: B
Q12. (Topic 4)
Insurance Brokers work for:
A. Insured and insurance company
B. Insured rather than an insurance company
C. Brokerage houses
D. None of them
Answer: B
Q13. (Topic 5)
Performance as _____________ is normally the only true trust relationship administered by acorporate trust department.
A. Trustee under a bond indenture
B. Bank under a bond indenture
C. Trust under a bond indenture
D. None of these
Answer: A
Q14. (Topic 2)
In the United States, banks are required to report cash deposits that exceed $10,000 a day to any one account, regardless of how many branches or deposits have been used in the transactions. Banks are also required to report when cash is used to purchase cashier’s checks, money orders, traveler’s checks, or bank checks in excess of $3000. In the Untied States, accounts are federally insured by the Federal Deposit Insurance Corporations (FDIC). An individual is limited to __________ in insurance coverage at each bank (including branches).
A. $50,000
B. $75,000
C. $100,000
D. $10,000
Answer: C
Q15. (Topic 1)
Auditors can use background information to define and modify:
A. Scope of the audit
B. The likelihood that a risk will occur
C. Activity reports
D. Audit Criteria (Reasonable, attainable, and relevant)
Answer: A
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Q16. (Topic 3)
The term umbrella market segmentation is referred to:
A. Financial services
B. Insurance companies
C. Banks
D. Brokerage Houses
Answer: A
Q17. (Topic 2)
Options are quoted daily in the newspapers. The listing provides the name of the underlying stock and:
A. Its closing price that day
B. The strike price of the option
C. Its closing price that day, the strike price of the option, the closing prices(premiums) of thecall and 3 put contracts trading closest to expiration
D. The closing prices (premiums) of the 3 call and 3 put contracts trading closest to expiration
Answer: C
Q18. (Topic 1)
There are multiple sets of attribute and performance standards:
A. False
B. True
C. True- In specific conditions
D. False- In specific conditions
Answer: A
Q19. (Topic 5)
Annuities can be purchased through the following methods EXCEPT:
A. Single payment deferred
B. Periodic payment deferred
C. Immediate payment
D. Single payment accrued
Answer: D
Q20. (Topic 2)
An objective of an exit conference is that it provides the client management with findings and recommendations identified during the audit which addresses all of the followings EXCEPT:
A. Allow client management to state concerns and objections to the findings and recommendations
B. Give the client management and the audit team the opportunity to identify and correct any errors or misinterpretations that may appear in the draft report
C. It should include a description of significant noteworthy accomplishments and issues thatneed further work
D. Provide the audit team with the formal opportunity to explain the remaining steps in the auditprocess prior to the release of the final report
Answer: C