Question 1

Which of the following is NOT a purpose of bankruptcy?

Accepted Answer

A) Give debtors relief from the creditors. 
B) Protect debtors from unfair collection efforts by other creditors. 
C) Give debtors relief from foreclosure activities. 
D) Gives the debtor the ability to safeguard their most important assets. 
E) All of the above are purposes of bankruptcy 
A) Give debtors relief from the creditors. 
B) Protect debtors from unfair collection efforts by other creditors. 
C) Give debtors relief from foreclosure activities. 
D) Gives the debtor the ability to safeguard their most important assets. 
E) All of the above are purposes of bankruptcy

Question 2

Section 548 of the Bankruptcy Code defines as fraudulent certain transfers made,or obligations incurred,within what specified time period?

Accepted Answer

A) 12 months 
B) 9 months 
C) 6 months 
D) 3 months 
E) 1month 
A) 12 months 
B) 9 months 
C) 6 months 
D) 3 months 
E) 1month

Question 3

Which of the following is NOT listed as a duty of the trustee in a Chapter 7 bankruptcy?

Accepted Answer

A) Furnish information about the estate and its administration 
B) Ensure that the debtor files the statement of intention to retain or surrender property 
C) After confirmation of a plan, file such reports as are necessary or as the court orders 
D) Oppose the discharge of the debtor when appropriate 
A) Furnish information about the estate and its administration 
B) Ensure that the debtor files the statement of intention to retain or surrender property 
C) After confirmation of a plan, file such reports as are necessary or as the court orders 
D) Oppose the discharge of the debtor when appropriate

Question 4

Which type of bankruptcy is a reorganization that can be used by individuals who meet certain requirements,such as having regular income and debts of $1 million or less?

Accepted Answer

A) Chapter 3 
B) Chapter 5 
C) Chapter 7 
D) Chapter 11 
E) Chapter 13 
A) Chapter 3 
B) Chapter 5 
C) Chapter 7 
D) Chapter 11 
E) Chapter 13

Question 5

When a bankrupt company's only listed address and phone number is a post office box and an answering service,we may see this as a flag of what type of fraud?

Accepted Answer

A) Illegal concealment of assets 
B) Planned bankruptcy fraud 
C) Fraudulent transfers 
D) None of the above 
A) Illegal concealment of assets 
B) Planned bankruptcy fraud 
C) Fraudulent transfers 
D) None of the above

Question 6

Who holds a valid claim against someone filing a chapter 11 bankruptcy?

Accepted Answer

A) Examiner 
B) Debtor 
C) Creditor 
D) Adjuster 
A) Examiner 
B) Debtor 
C) Creditor 
D) Adjuster

Question 7

Which of the following courts has jurisdiction to oversee the receipt of bankruptcy petitions?

Accepted Answer

A) U.S.Tax Court 
B) U.S.District Court 
C) U.S.Supreme Court 
D) Bankruptcy Court 
A) U.S.Tax Court 
B) U.S.District Court 
C) U.S.Supreme Court 
D) Bankruptcy Court

Question 8

Which of the following organizations sets the international standards for combating money laundering?​

Accepted Answer

A) ​The United Nations Monetary Fund Task Force 
B) ​The International Monetary Fund Task Force 
C) ​The World Bank Action Task Force 
D) ​The Financial Action Task Force 
A) ​The United Nations Monetary Fund Task Force 
B) ​The International Monetary Fund Task Force 
C) ​The World Bank Action Task Force 
D) ​The Financial Action Task Force

Question 9

Which of the following statements about hiring accounting or fraud professionals in bankruptcy proceedings is NOT correct?

Accepted Answer

A) If the trustee wants to employ attorneys, accountants, or other professionals to represent or assist the trustee, the trustee has to get the court's approval. 
B) All the professionals must be employed under Code section 327. 
C) The retention of a fraud examiner or investigator in a bankruptcy proceeding is up to the discretion of the trustee. 
D) A creditor may engage the services of a professional to investigate allegations of bankruptcy fraud independently from the court.In this case, the creditor usually compensates the professional directly. 
A) If the trustee wants to employ attorneys, accountants, or other professionals to represent or assist the trustee, the trustee has to get the court's approval. 
B) All the professionals must be employed under Code section 327. 
C) The retention of a fraud examiner or investigator in a bankruptcy proceeding is up to the discretion of the trustee. 
D) A creditor may engage the services of a professional to investigate allegations of bankruptcy fraud independently from the court.In this case, the creditor usually compensates the professional directly.

Question 10

Which of the following statements correctly depicts duties of court appointed trustees?

Accepted Answer

A) Trustees identify and collect a debtor's assets and then allocate those assets to creditors in an orderly manner. 
B) Trustees review fee applications, motions to appoint trustees and examiners, motions to convert or dismiss a case, and other pleadings. 
C) Trustees investigate criminal complaince in bankruptcy cases. 
D) Trustees testify in bankruptcy cases. 
A) Trustees identify and collect a debtor's assets and then allocate those assets to creditors in an orderly manner. 
B) Trustees review fee applications, motions to appoint trustees and examiners, motions to convert or dismiss a case, and other pleadings. 
C) Trustees investigate criminal complaince in bankruptcy cases. 
D) Trustees testify in bankruptcy cases.

Question 11

Which of the following is a requirement to work as an entry-level Criminal Investigation special agent for the IRS?​

Accepted Answer

A) ​completion of at least two years of college 
B) ​completion of at least 9 semester hours in accounting at the college level 
C) ​completion of at least 15 semester hours of college level courses in finance, economics, business law, ta law or money & banking. 
D) ​be thirty-seven years of age or younger 
A) ​completion of at least two years of college 
B) ​completion of at least 9 semester hours in accounting at the college level 
C) ​completion of at least 15 semester hours of college level courses in finance, economics, business law, ta law or money & banking. 
D) ​be thirty-seven years of age or younger

Question 12

Which of the following best describes a "Bust-out" in regard to bankruptcies?

Accepted Answer

A) A planned bankruptcy 
B) Jailbreak planned by fraud perpetrators 
C) Skipping out on bail 
D) Fraud prevention program for convicted fraudsters 
A) A planned bankruptcy 
B) Jailbreak planned by fraud perpetrators 
C) Skipping out on bail 
D) Fraud prevention program for convicted fraudsters

Question 13

Bankruptcy fraud makes it a crime to do any of the following to execute or conceal a fraud scheme except:

Accepted Answer

A) File a bankruptcy petition 
B) Make a false account in a bankruptcy case 
C) File a document in a bankruptcy proceeding 
D) Make a false or fraudulent representation, claim, or promise with respect to a bankruptcy proceeding, either before or after the bankruptcy petition is filed. 
A) File a bankruptcy petition 
B) Make a false account in a bankruptcy case 
C) File a document in a bankruptcy proceeding 
D) Make a false or fraudulent representation, claim, or promise with respect to a bankruptcy proceeding, either before or after the bankruptcy petition is filed.

Question 14

If reorganization does not work under Chapter 11 bankruptcy,judges may order which form of bankruptcy?

Accepted Answer

A) Chapter 5 
B) Chapter 9 
C) Chapter 10 
D) Chapter 13 
E) None of the above 
A) Chapter 5 
B) Chapter 9 
C) Chapter 10 
D) Chapter 13 
E) None of the above

Question 15

Which of the following is NOT a duty of the court-appointed trustee in a chapter 11 case?

Accepted Answer

A) Investigate the acts, assets, liabilities, and financial condition of the debtor 
B) Examine proofs of claims 
C) Collect and liquidate the property of the debtor's estate 
D) All of the above are duties of a court-appointed trustee 
A) Investigate the acts, assets, liabilities, and financial condition of the debtor 
B) Examine proofs of claims 
C) Collect and liquidate the property of the debtor's estate 
D) All of the above are duties of a court-appointed trustee

Question 16

The Bankruptcy Fraud section of the Bankruptcy Code,as it relates to criminal fraud,makes it a crime to do which of the following in executing or concealing a fraud scheme?

Accepted Answer

A) File a bankruptcy petition 
B) File a document in a bankruptcy proceeding 
C) Make a false or fraudulent representation, claim, or promise with respect to a bankruptcy proceeding 
D) All of the above 
A) File a bankruptcy petition 
B) File a document in a bankruptcy proceeding 
C) Make a false or fraudulent representation, claim, or promise with respect to a bankruptcy proceeding 
D) All of the above

Question 17

Which of the following is true of bankruptcy/divorce fraud?

Accepted Answer

A) It involves only criminal proceedings 
B) It is growing at an alarming rate 
C) The main motivation is to keep assets from being taken 
D) Both a and c 
E) Both b and c f. All of the above 
A) It involves only criminal proceedings 
B) It is growing at an alarming rate 
C) The main motivation is to keep assets from being taken 
D) Both a and c 
E) Both b and c f. All of the above

Question 18

Fraud is common in:

Accepted Answer

A) Divorces 
B) Bankruptcies 
C) Both a and b 
D) Neither a nor b 
A) Divorces 
B) Bankruptcies 
C) Both a and b 
D) Neither a nor b

Question 19

​Which of the following is NOT a part of the mission of the IRS's Criminal Investigation Division?

Accepted Answer

A) ​to investigate potential criminal violation of the Internal Revenue Code 
B) ​to investigate potential financial statement fraud related to revenue & expenses 
C) ​to investigate in a manner that fosters confidence in the system 
D) ​to investigate in a manner that fosters compliance with the law 
A) ​to investigate potential criminal violation of the Internal Revenue Code 
B) ​to investigate potential financial statement fraud related to revenue & expenses 
C) ​to investigate in a manner that fosters confidence in the system 
D) ​to investigate in a manner that fosters compliance with the law

Question 20

​Whic of the following is often the riskiest step in the money laundering process?

Accepted Answer

A) ​integration 
B) ​layering 
C) ​placement 
D) ​transferring 
A) ​integration 
B) ​layering 
C) ​placement 
D) ​transferring

Which of the following is NOT a purpose of bankruptcy?

Section 548 of the Bankruptcy Code defines as fraudulent certain transfers made,or obligations incurred,within what specified time period?

Which of the following is NOT listed as a duty of the trustee in a Chapter 7 bankruptcy?

Which type of bankruptcy is a reorganization that can be used by individuals who meet certain requirements,such as having regular income and debts of $1 million or less?

When a bankrupt company's only listed address and phone number is a post office box and an answering service,we may see this as a flag of what type of fraud?

Who holds a valid claim against someone filing a chapter 11 bankruptcy?

Which of the following courts has jurisdiction to oversee the receipt of bankruptcy petitions?

Which of the following organizations sets the international standards for combating money laundering?

Which of the following statements about hiring accounting or fraud professionals in bankruptcy proceedings is NOT correct?

Which of the following statements correctly depicts duties of court appointed trustees?

Which of the following is a requirement to work as an entry-level Criminal Investigation special agent for the IRS?

Which of the following best describes a "Bust-out" in regard to bankruptcies?

Bankruptcy fraud makes it a crime to do any of the following to execute or conceal a fraud scheme except:

If reorganization does not work under Chapter 11 bankruptcy,judges may order which form of bankruptcy?

Which of the following is NOT a duty of the court-appointed trustee in a chapter 11 case?

The Bankruptcy Fraud section of the Bankruptcy Code,as it relates to criminal fraud,makes it a crime to do which of the following in executing or concealing a fraud scheme?

Which of the following is true of bankruptcy/divorce fraud?

Fraud is common in:

Which of the following is NOT a part of the mission of the IRS's Criminal Investigation Division?

Whic of the following is often the riskiest step in the money laundering process?

The Nature of Fraud

Who Commits Fraud and Why

Fighting Fraud: an Overview

Preventing Fraud

Recognizing the Symptoms of Fraud

Data-Driven Fraud Detection

Investigating Theft Acts

Investigating Concealment

Conversion Investigation Methods

Inquiry Methods and Fraud Reports

Financial Statement Fraud

Revenue- and Inventory-Related Financial Statement Frauds

Liability, asset, and Inadequate Disclosure Frauds

Fraud Against Organizations

Consumer Fraud

E-Commerce Fraud

Legal Follow-Up

Filters

Exam 16: Bankruptcy, divorce, and Tax Fraud

Which of the following is NOT a purpose of bankruptcy?

Section 548 of the Bankruptcy Code defines as fraudulent certain transfers made,or obligations incurred,within what specified time period?

Which of the following is NOT listed as a duty of the trustee in a Chapter 7 bankruptcy?

Which type of bankruptcy is a reorganization that can be used by individuals who meet certain requirements,such as having regular income and debts of $1 million or less?

When a bankrupt company's only listed address and phone number is a post office box and an answering service,we may see this as a flag of what type of fraud?

Who holds a valid claim against someone filing a chapter 11 bankruptcy?

Which of the following courts has jurisdiction to oversee the receipt of bankruptcy petitions?

Which of the following organizations sets the international standards for combating money laundering?​

Which of the following statements about hiring accounting or fraud professionals in bankruptcy proceedings is NOT correct?

Which of the following statements correctly depicts duties of court appointed trustees?

Which of the following is a requirement to work as an entry-level Criminal Investigation special agent for the IRS?​

Which of the following best describes a "Bust-out" in regard to bankruptcies?

Bankruptcy fraud makes it a crime to do any of the following to execute or conceal a fraud scheme except:

If reorganization does not work under Chapter 11 bankruptcy,judges may order which form of bankruptcy?

Which of the following is NOT a duty of the court-appointed trustee in a chapter 11 case?

The Bankruptcy Fraud section of the Bankruptcy Code,as it relates to criminal fraud,makes it a crime to do which of the following in executing or concealing a fraud scheme?

Which of the following is true of bankruptcy/divorce fraud?

Fraud is common in:

​Which of the following is NOT a part of the mission of the IRS's Criminal Investigation Division?

​Whic of the following is often the riskiest step in the money laundering process?

The Nature of Fraud

Who Commits Fraud and Why

Fighting Fraud: an Overview

Preventing Fraud

Recognizing the Symptoms of Fraud

Data-Driven Fraud Detection

Investigating Theft Acts

Investigating Concealment

Conversion Investigation Methods

Inquiry Methods and Fraud Reports

Financial Statement Fraud

Revenue- and Inventory-Related Financial Statement Frauds

Liability, asset, and Inadequate Disclosure Frauds

Fraud Against Organizations

Consumer Fraud

E-Commerce Fraud

Legal Follow-Up

Filters

Which of the following organizations sets the international standards for combating money laundering?

Which of the following is a requirement to work as an entry-level Criminal Investigation special agent for the IRS?

Which of the following is NOT a part of the mission of the IRS's Criminal Investigation Division?

Whic of the following is often the riskiest step in the money laundering process?