IIA IIA Certifications IIA-CFSA Questions & Answers

• Question 151:

  Banks provide the following personal trust services for individuals EXCEPT:

  A. Trust Development

  B. Serves as Co-fiduciary

  C. Serve as Agent and guardian of Estates

  D. None of these

  Correct Answer: D

• Question 152:

  Which one of the following is an additional duty of trust department?

  A. Dividends Reinvestment Agent

  B. Stock Registrar

  C. Bond Registrar

  D. All of the above

  Correct Answer: D

• Question 153:

  "An incoming wire transfer with instruction to pay the beneficiary upon presentment of proper identification. The beneficiary usually does not maintain a checking or savings account with the paying financial institution." This definition refers to:

  A. Receiving Bank

  B. Remitter

  C. PUPID

  D. Repetitive transfer

  Correct Answer: C

• Question 154:

  Correspondent banks, Credit party, Draw down, Execution date, Remitter, and Repetitive transfer are some terminologies related to:

  A. EFT

  B. Bank wire

  C. ACH

  D. ALL

  Correct Answer: B

• Question 155:

  ____________ is an electronic payment network used by individuals businesses, financial institutions and government organizations. It provide better cash management capabilities and lower costs than traditional paper payments.

  A. EFT (Electronic Funds Transfer)

  B. ACH (Automated cleaning house)

  C. ATM

  D. None of these

  Correct Answer: B

• Question 156:

  The "discount on bonds payable" account is __________when a bound sells at discount. The "premium on bond payable" is ____________ when a bond sells a premium.

  A. Credited, debited

  B. Debited, credited

  C. Accrued, debited

  D. Deferred, debit

  Correct Answer: B

• Question 157:

  Notes are debt instruments issued to:

  A. A broker

  B. An agent

  C. A single investor

  D. A single investor managing a portfolio

  Correct Answer: C

• Question 158:

  Types of barrowed funds include all EXCEPT: A. Rollover funds

  B. Debentures

  C. Discounting or Advancing through counts with a federal bank

  D. Mortgage payable

  Correct Answer: A

• Question 159:

  CDs typically require a minimum deposit of at least ________ US, and often require at least ________ US.

  A. $500, $10,000

  B. $1000, $10,000

  C. $1000, $5000

  D. $500, $5000

  Correct Answer: B

• Question 160:

  __________ is a tool to transfer qualified investments from one account to another. In order to retain certain special tax treatments, funds may not be co-mingled with other types of assets, including other IRAS.

  A. Rollover IRA

  B. simple IRA

  C. Conduit IRA

  D. SEP IRA

  Correct Answer: C