Practice CFE-Financial-Transactions-and-Fraud-Schemes Exam Online

Question 1

The seller's price to the buyer is not fixed or determinable when:

A : When the price is not contingent on some future events

B : The transaction includes an option to exchange the product for others

C : A service or membership fee is not subject predictable cancellation during the contract period.

D : Payment terms are not extended for a substantial period.

Answer: B

Question 2

Bid-rigging scheme occurs when:

A : an employee fraudulently assists a vendor in winning a contract through the competitive bidding process.

B : an employee does not assist a vendor in winning a contract through the competitive bidding process.

C : an employee once assists a vendor in winning a contract through a single competitive bidding process.

Answer: A

Question 3

Which of the following method is NOT used to detect conflicts of interest?

A : Tips & Complaints

B : Review of vendor ownership files

C : Underbillings of assets

D : Interviews with purchasing personnel

Answer: C

Question 4

The scheme which reduces victim companies to issue fraudulent payments for goods or services that they have not received is called:

A : Bogus claims

B : Billing scheme

C : Reliance billing

D : Misappropriate claims

Answer: A

Question 5

___________ should be examined to see that all are properly documented and that inappropriate payments have not been made to employees.

A : Payable cash

B : Cash advances

C : counterfeit checks

D : Payable checks

Answer: B

Name:	Certified Fraud Examiner - Financial Transactions and Fraud Schemes
Exam Code:	CFE-Financial-Transactions-and-Fraud-Schemes
Certification:	Certified Fraud Examiner
Vendor:	ACFE
Total Questions:	190
Last Updated:	Apr 24, 2024

ACFE CFE-Financial-Transactions-and-Fraud-Schemes