IIA-CFSA Exam Questions

Annuities can be purchased through the following methods EXCEPT:

The benefits of tax deferral will out weigh the costs of a variable annuity only if the investor holds it as:

Guaranteed investment contracts are contracts between:

(disregarding the impact of dividends). If share are purchased at $50 and the price appreciated to $75, we have ________ on a mark-to-mark basis.

A derivative with a convex payoff-profile at some point before the option's maturity is a simple plan vanilla option. As the option becomes progressively more-in-the money, the rat...

One of the largest components of the global derivative markets and natural adjunct to the fixed income markets is the:

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:

An entity that purchases and sells securities on its own behalf is acting as:

Which of the following statements about the over-the-counter market is false?

General Market indices in the commodities market with which many people would be familiar include:

____________ swaps give companies extra flexibility to exploit their comparative advantage in their respective borrowing markets.

Standard and poor's 500 index, the Dow Jones Industrial average, or the Toronto stock Exchange index is the examples of:

The main objective/s of an audit of swaps is/are:

Adequate procedures and controls associated with swap transactions should exist to help minimize the risks inherent in transaction process. Example/s of these controls may include:

Occasionally, a company will issue additional shares of its stocks, called ____________, to raise

Customer accounts: Ensure that the firm is exercising due diligence in the opening and supervision of customer accounts. The procedures should be formalized in writing and in accor...

Call provisions are often part of ______________, but usually not bonds issued by ______________.

Audit objectives that apply to one sales portion are all EXCEPT:

Which of the following is not an audit objective of a commodity department?

I- With reference to the granting of customer credit lines a thorough analysis of the customer's overall financial position is performed prior to trading authorization. II-confirma...

There are some investment companies, known as exchange-traded funds or ETFS, which are legally classified as open-end companies or UITs. EFTs differ from traditional open-end compa...

If a mutual fund has an NAV of $100 million, and investors own $10,000,000 of fund's shares, the funds per share value will be:

The approximate per-share NAV plus any fees the fund imposes is the price:

A UIT typically issues redeemable securities (or "units"), like a mutual fund, which means:

Close-end funds are traded on:

Close-end funds:

One fund may invest on mostly established "blue chip" (Companies that pay regular dividends). Another fund may invest in newer technology companies that pay no dividends but that m...

Mutual funds provide an attractive investment choice because they generally offer the following feature/s:

All of these are disadvantages of mutual funds EXCEPT:

I- A gold producers wants to hedge his losses attributable to a fall in the price of gold for his current gold inventory. II- A cattle farmer wants to hedge his exposure to changes...

End users need to hedge the prices at which they can purchase these commodities for instance:

Money market funds bond funds (also called "fixed income" funds) , and stock funds (also called equity funds) are the categories of:

___________ have relatively low risks, compared to other mutual funds.

Money market funds:

Some of the risks associated with bond funds are all of the following EXCEPT:

If interest rates fall, a bond issuer may decide to pay off (or "retire") its debt and issue new bonds that pay a lower rate. When this happens, the fund may not be able to reinves...

Overall "market risk" poses the greatest potential danger for investors in ____________.

_____________ funds may specialize in a particular industry segment, such as technology or consumer products stocks.

There are different classes of mutual funds. Classes that typically do not have a front-end sales load. Instead they may impose a contingent deferred sales load and a 12b-1 fee (al...

Some objectives of an audit related to mutual funds might include determining that:

Major types of Real Estate Investment Trust (REITs) include all of the following EXCEPT:

Not all misstatements will be material enough to affect the fair presentation of the financial statement. A material misstatement is one that the auditors determine would change or...