Exam 1: Certified Financial Services Auditor

Derivatives can be:

The term umbrella market segmentation is referred to:

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:

I- Restrict access to data by business need-to-know II- Assign Unique ID t each person with computer access III-Restrict physical access to cardholder data The above requirements of PCI (Payment Card Industry) achieve which one of the following goals?

Securities available for sale should be reported at current market value. When this type of security has an unrealized gain or loss:

The responsibility for preparing and presenting the audited financial statements is that of:

Letters of credit are also known as:

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?

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.

Insurance policies are good for insurance needs, however, as a main investment vehicles, they have considerable downsides.

The companies strive to improve customer acquisition, services and retention through the use of following methods EXCEPT:

Repos and Reverse repos govern instances such as:

____________ is a form of insurance, to move risk from someone major loss to someone who could absorb the loss, or is able to hedge against the risk by buying some other derivative.

These are similar to coupon bonds in that ownership is based on possession. These have not been issued for the last couple of decades, however those previously issued will continue to exist until they reach maturity. What are these?

Non-deposit investment product includes:

_____________ insures two lives under one policy. Death benefits are paid to the surviving insured. The surviving insured usually has the option of purchasing an individual whole life policy of the same face amount without providing evidence of insurability.

Continuous monitoring in systems and networks is a by-product of the increasing demand for immediate and continuous access to reliable information. Advancements in information monitoring and analysis are being accelerated both by increasing demands for timely and accurate information and by advances in technology that contribute to the:

The federal open market committee (FOMC) board sets reserve requirements and shares the responsibility with the reserve banks for:

The administration of personal trust accounts is primarily controlled by all of the following EXCEPT:

___________ 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.