Exam 1: Certified Financial Services Auditor

Selectively increasing the price of a mortgages loan above the bank's established rate to certain customers ("overages") may have the effect of discriminating against those customers .This practice left undetected and not properly controlled may raise the possibility of:

"These are usually secured by mortgages, deeds of trust, land contracts, or other types of real estate liens. Interest rates for residential mortgages loans may be fixed or variable. Repayments of principal may be set up for full amortization, negative amortization, or partial amortization with a balloon payment at a specified rate." What are these?

"Internal auditors make a balanced assessment of all the relevant circumstances and are not unduly influenced by their own interests or by others in forming judgments." This statement best explains one of the following principles:

Whole life insurance protects for:

Bank loans can generally be classified in several ways EXCEPT:

Many businesses generally find CDs to be a:

Most corporations have an annual meeting where stockholders have the opportunity to vote on important issues. These issues include:

A less satisfactory option in dental insurance is the:

Call provisions are often part of ______________, but usually not bonds issued by ______________.

Defined benefits & defined contribution plans and individual retirement accounts are commonly administered:

Which of the following is/are included in the specific steps for auditing short-term investments?

In variable universal life (VUL) policies the maximum premium standard set was:

"A special type of annuity that involves a contract between the annuitant and insurer in which insurer credits the annuity account with return amounts based on changes in an equity index such as the S&P500 (composite price index)," is:

Which of the following would not generally be a responsibility of an underwriting department?

_________ insures the real estate loans of borrowers who qualify for the program.

The primary regulatory entities of banking industry include:

Occasionally, a company will issue additional shares of its stocks, called ____________, to raise additional capital.

"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:

Some specific requirement of securities Exchange Act of 1934 are all of the following EXCEPT:

_________ are future economic benefits controlled by an entity.