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2021 Oct IIA-CFSA answers
Q141. (Topic 2)
Preferred stock is similar to common stock in that it represents ownership in a corporation.
Preferred stockholders generally receive as fixed dividend rate. The types of preferred stockinclude all of the following EXCEPT:
A. Cumulative preferred stock
B. Non-cumulative preferred stock
C. Participating preferred stock
D. Invertible preferred stock
Answer: D
Q142. (Topic 4)
If a corporation has an asset sensitive gap in a rising rate environment, which of the following would be considered an appropriate hedging strategy to prevent a decrease in net interest income?
A. Take no action
B. Purchase an interest rate floor
C. Enter into an interest rate swap to receive fixed and pay floating rate payments
D. Enter into an interest rate swap to receive floating and pay fixed rate payment
Answer: A
Q143. (Topic 1)
___________ help bring performance back into compliance, or address problems that have been identified such as employee grievance system, employee performance approvals, or an administrative appeal’s process.
A. Correction controls
B. Detective controls
C. Preventive controls
D. None of These
Answer: A
Q144. (Topic 4)
Which one of the following is not including in typical type of insurance:
A. Private mortgage
B. Mortgage
C. Flood and co-insurance
D. None of these
Answer: D
Q145. (Topic 3)
Financial services organizations are challenged to provide responsible fiduciary management while:
A. Increasing profitability and competitive differentiations
B. Balancing profitability and competitive differentiations
C. Decreasing risk and fraud activities
D. All of these
Answer: A
Abreast of the times IIA-CFSA study guide:
Q146. (Topic 2)
Shareholders also have the right to receive declared dividends. Besides the potential for capital appreciation, investors also have the potential to receive dividend income. There are several types of dividends. For instance, an investor with 500 shares of stock selling at $50 per share would have 1,000 shares at $25 per share after a 2-for-1 split. These types of dividends are called:
A. Cash dividends
B. Stock split
C. Preferred dividends
D. None of these
Answer: D
Q147. (Topic 2)
Derivates can be effective low cost tools for managing expose experience losses due to:
A. Interest rate change
B. Master agreements
C. Commodity price change
D. All of these
Answer: D
Q148. (Topic 1)
Which of the following statements is NOT related to competency principle of internal auditing? Internal auditors:
A. Shall continually improve their proficiency and effectiveness and quality of their services
B. Shall perform internal auditing services in accordance with the standards for the professional practice of internal auditing
C. Shall engage only in those services for which they have the necessary knowledge, skills and experience
D. Shall disclose all material facts known to them that, if not disclosed, may distort the reporting of activities under review
Answer: D
Q149. (Topic 2)
Banks can record interest earned on trading securities as either interest income or trading income. However, the recommended method is:
A. To report interest income separately from trading income if the amount is material
B. To report interest income with trading income if the amount is material
C. To report interest income separately from trading income if the amount is not material
D. To report interest income with trading income if the amount is not material
Answer: A
Q150. (Topic 2)
“Insurers guarantee a minimum rate of interest dunning the time that the account is growing and periodic payment amounts of a specified amount for a stated period (either specific period 10 years indefinite period etc).” This statement is related to:
A. Variable annuities
B. Life time annuities
C. Term period annuities
D. Fixed annuities
Answer: D