IIA IIA Certifications IIA-CFSA Questions & Answers

• Question 411:

  Annuities provide the annuitants with ________________.

  A. Tax-deferred earnings

  B. Tax-accrued earnings

  C. Tax-free earnings

  D. Maximum level of earnings

  Correct Answer: A

• Question 412:

  When the maturity date of the annuity arrives, the insurer begins making a series of payment to the annuitant over a stated period (Known as__________).

  A. Accumulation period

  B. Lump-sum payment period

  C. Payment release period

  D. Pay-out period

  Correct Answer: D

• Question 413:

  Which one of the following activities is not related to the trust committee activities that should be reviewed?

  A. Whether regular meetings are held and documented by meeting minutes

  B. Whether the trust committee contains at least one member who is not a bank officer

  C. Whether there is adequate oversight of the trust committee's activities by board of directors

  D. None of these

  Correct Answer: D

• Question 414:

  Bank may serve as trustee or custodian for pension and profit sharing plans that self- employed individuals establish for them selves and their employees. These types of trust are referred to as:

  A. Defined benefit plans

  B. Keogh plans

  C. Individual retirement account

  D. None of these

  Correct Answer: B

• Question 415:

  Which one of the following is/are NOT the type of retirement plans that banks may administer?

  A. Pension plans

  B. Self-employed retirements trust

  C. Group retirement accounts

  D. Post-requirement accounts

  Correct Answer: CD

• Question 416:

  Stock transfer agent, Bond registrar, stock registrar and dividend reinvestments agent are the additional duties of:

  A. Brokers/Brokerage houses

  B. Corporate trust departments

  C. Mutual funds agencies

  D. None of these

  Correct Answer: B

• Question 417:

  A bank may serve as ___________ for a company's employee benefit and retirement plans.

  A. Administrator or agent

  B. Trustee or co-trustee

  C. Custodian or depository

  D. All of these

  Correct Answer: D

• Question 418:

  Corporations, government entities and other organizations use banks as trustee to handle the ______________function associated with a stock or bond issue.

  A. Issuance and redemption of stocks or bonds

  B. Transfer and record keeping of stock or bonds

  C. None of these

  D. Both of these

  Correct Answer: D

• Question 419:

  A trust agreement is called:

  A. Trust paper

  B. Trust agreement document

  C. Both of these

  D. None of these

  Correct Answer: D

• Question 420:

  Some wills specify that more than one responsible party share the trustee's responsibilities of an estate .The condition depicts relation with which one of the following trust services:

  A. Guardians of estates

  B. Co-fiduciary

  C. Estate settlement

  D. Trusts

  Correct Answer: B