ACFE cfe-financial-transactions-and-fraud-schemes online test

Question 1

________, one of the Fraud synonyms implies that deceiving so thoroughly as to obscure the truth:

• A. Deceive
• B. Delude
• C. Mislead
• D. Beguile

Answer:

B

Question 2

Which of the following must be present for a fraud to exist?

• A. A material false statement
• B. Knowledge that the statement was false when it was uttered
• C. Reliance on the fast statement by the victim
• D. All of the above

Answer:

D

Question 3

A person is said to be in ________ act, when the business which he transacts, or the money or
property which he handles, is not for his own benefit, but for another person:

• A. Fiduciary Capacity
• B. Embezzlement
• C. Conversion
• D. None of the above

Answer:

A

Question 4

The essential elements of a ________ are an actual or constructive taking away of the goods or
property of another with the without the consent and against the will of the owner and with a
felonious intent.

• A. Larceny
• B. Abuse
• C. Fiduciary
• D. None of the above

Answer:

A

Question 5

Larceny by Fraud or deception means that:

• A. Creates or reinforce a false impression
• B. Fails to correct a false impression
• C. Fails to disclose a known lien, adverse claim or other legal impediment
• D. All of the above

Answer:

D

Question 6

In Cressey’s fraud triangle, its three of the legs are Opportunity, Pressure and

• A. Violation
• B. Isolation
• C. Rationalization
• D. None of the above

Answer:

C

Question 7

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 8

Which of the following are not of Basic types of non-sharable problems?

• A. Violation of ascribed obligations
• B. Business reversals
• C. Physical Isolation
• D. Larceny by Fraud

Answer:

D

Question 9

CORRECT TEXT
One of the simplest ways to justify unacceptable conduct and avoid guilt feelings is to invent a good
reason for ________.

Answer:

Embezzling

Question 10

Which of the following offender types in which people who take the money and run away?

• A. Absconders
• B. Long-term violators
• C. Offender types
• D. None of the above

Answer:

A