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2021 Sep IIA-CFSA book
Q231. (Topic 5)
Some objectives of an audit related to mutual funds might include determining that:
A. Mutual fund checks are issued in accordance with firm policies and supported by valid trades
B. Mutual fund purchases are confirmed on a timely basis
C. Mutual fund switches are not authorized by the client
D. All EXCEPT “C”
Answer: D
Q232. (Topic 2)
In the United States, banks are required to report cash deposits that exceed $10,000 a day to any one account, regardless of how many branches or deposits have been used in the transactions. Banks are also required to report when cash is used to purchase cashier’s checks, money orders, traveler’s checks, or bank checks in excess of $3000. In the Untied States, accounts are federally insured by the Federal Deposit Insurance Corporations (FDIC). An individual is limited to __________ in insurance coverage at each bank (including branches).
A. $50,000
B. $75,000
C. $100,000
D. $10,000
Answer: C
Q233. (Topic 4)
Securities available for resale, by the bank, should be reported at:
A. Principal value
B. Principal value + interest rate
C. Fair value
D. All of these
Answer: C
Q234. (Topic 5)
A gold producer wants to hedge his loses attributable to a fall in the price of gold for his current gold currency. This is an example of:
A. Currency Swaps
B. Commodity Swaps
C. Interests rate Swaps
D. All of these
Answer: B
409. (Topic 5)
____________ swaps give companies extra flexibility to exploit their comparative advantage in their respective borrowing markets.
A. Fixed-floating swaps
B. Currency swaps
C. Interest rate swaps
D. None of these
Answer: B
Q235. (Topic 3)
Which one of the following is common misinterpretation during the calculation of VaR
A. The VaR calculation is based on an assumption that the portfolio is held constant over the time interval in practice are actively managed so that as adverse condition develop actions will be taken to mitigate losses As a result the true probability of a lose as large as that predicted may be much less then Fore cast
B. The VaR Forecast is based on what has happened in the past If the future is not like the past the realized losses may be the lager (or smaller then predicted)
C. There is a tendency to interpret VaR as the largest loss that has on X percent probability of being exceeded. The largest that loss that may occur will not be too much larger than the aR, while for other portfolios (particularly those including highly levered derivatives), it may be many times greater than the VaR.
D. All of the above.
Answer: D
Latest IIA-CFSA exam question:
Q236. (Topic 5)
In which of the following ways are calls and put options used by the options investor in purchase and sales transaction?
I. A long call allows the investor to purchase the underlying security at the specified strike price after the option expiration date
II. Along put allows the investor to sell the underlying security at the specified strike price until the option expiration date
III. An investor who is short a call is at the underlying security at the specified strike price if a call option is exercised after the option expiration date
IV.
An investor who is short a put is obligated to buy the underlying security at the specified strike price if a put option is exercised by the option expiration date
A.
I and II only
B.
I and III only
C.
II and III only
D.
II and IV only
Answer: D
Q237. (Topic 4)
National banks must sell any real estate within _________ of acquisition if it is not used for banking purpose.
A. Three years
B. Fourteen years
C. Four years
D. Five years
Answer: D
Q238. (Topic 4)
Pension plans that an Employer establishes for retired or disabled employees, regardless of whether an employee contributes, are known as:
A. Defined benefit plans
B. Guaranteed Pension benefits
C. Pre-Pension Schemes
D. None of the above
Answer: A
Q239. (Topic 4)
Letters of credit are also known as:
A. Allowance for loan losses
B. Bond indentures
C. Term certificate
D. Customer acceptances
Answer: D
Q240. (Topic 2)
_____________ is a type of insurance that employers provide for employees. Injured employees must file with the agency that administrates it in their state and notify their employer. It pays: Medical expenses for employees and rehabilitation benefits for employees who become disables through work Death benefits for survivors of employees who die because of an occupational injury or disease
A. Dental insurance
B. Presumptive disability provision
C. Consumer-driven health plan
D. Worker’s compensation
Answer: D