CFCS Flash Cards questions and
answers rated A+
Accounts Payable - correct answer ✔✔ The balance of short term debt an organization owes to
its creditors, like payments to vendors and suppliers. It appears under current liabilities on a
balance sheet.
Accounts Receivable - correct answer ✔✔ The balance of money owed to an organization for
goods or services provided to customers but not yet paid for. Any outstanding invoices or debts
owed by clients would be entered as accounts receivable on financial statements.
Advance Fee Fraud - correct answer ✔✔ A scheme in which fraudsters offer securities, lottery
winnings or other seemingly attractive false investments, but ask the victims to pay an upfront
fee to participate.
Affinity Fraud - correct answer ✔✔ Refers to scams that target members of groups which shares
some central characteristic, such as members of the same religion, ethnic community or
profession.
Benford's Law - correct answer ✔✔ A mathematical theory that says certain digits appear more
frequently than others at certain positions in real world data sets. It can be used to detect
anomalies in financial statements that could indicate fraud.
Bitcoin - correct answer ✔✔ One of the earliest and most successful cryptocurrency's, it is a
decentralized form of electronic money and payment system. It allows for the transfer of value
directly between a user network, with no intermediary institutions.
, BMPE (Black Market Peso Exchange) - correct answer ✔✔ A system by which illicit proceeds are
laundered through a combination of exchange of currencies and international trade in goods.
Despite its name, it does not have to involve the use of pesos.
Bribery - correct answer ✔✔ The active offering or receiving something of value in exchange for
an action, favor or influence that the recipient would otherwise not have provided. It typically
involves government officials as recipients.
Business Email Compromise - correct answer ✔✔ A cyber attack with perpetrator sins email
messages masquerading as someone else, to trick a target into taking some action. Often, The
attacker pretends to be a company executive and request a wire transfer or urgent payment.
Cost of Goods Sold - correct answer ✔✔ A term that covers the direct costs incurred by the
company in the production of the goods or services it sells, it appears on the companies balance
sheets.
DDoS Attack - correct answer ✔✔ a cyber attack computer network or website by flooding the
target with pointless traffic from multiple sources.
Extortion - correct answer ✔✔ The act of demanding or obtaining something of value, usually
money, through force or threats.
FATF (Financial Action Task Force) - correct answer ✔✔ An international, inter-governmental
organization composed of members from more than 30 countries, whose primary purpose is
the development and promotion of policies, at both national and international levels, to combat
financial crime. It also conducts mutual evaluation's jurisdictions AML regimes, and issues lists
of deficient countries.
FATCA (Foreign Account Tax Compliance Act) - correct answer ✔✔ A US law that generally
requires foreign financial institutions to search their records for accounts held by you as
persons, and report on the assets and identities of such persons to tax authorities. Institutions
or account holders that do not comply or subject penalties.
answers rated A+
Accounts Payable - correct answer ✔✔ The balance of short term debt an organization owes to
its creditors, like payments to vendors and suppliers. It appears under current liabilities on a
balance sheet.
Accounts Receivable - correct answer ✔✔ The balance of money owed to an organization for
goods or services provided to customers but not yet paid for. Any outstanding invoices or debts
owed by clients would be entered as accounts receivable on financial statements.
Advance Fee Fraud - correct answer ✔✔ A scheme in which fraudsters offer securities, lottery
winnings or other seemingly attractive false investments, but ask the victims to pay an upfront
fee to participate.
Affinity Fraud - correct answer ✔✔ Refers to scams that target members of groups which shares
some central characteristic, such as members of the same religion, ethnic community or
profession.
Benford's Law - correct answer ✔✔ A mathematical theory that says certain digits appear more
frequently than others at certain positions in real world data sets. It can be used to detect
anomalies in financial statements that could indicate fraud.
Bitcoin - correct answer ✔✔ One of the earliest and most successful cryptocurrency's, it is a
decentralized form of electronic money and payment system. It allows for the transfer of value
directly between a user network, with no intermediary institutions.
, BMPE (Black Market Peso Exchange) - correct answer ✔✔ A system by which illicit proceeds are
laundered through a combination of exchange of currencies and international trade in goods.
Despite its name, it does not have to involve the use of pesos.
Bribery - correct answer ✔✔ The active offering or receiving something of value in exchange for
an action, favor or influence that the recipient would otherwise not have provided. It typically
involves government officials as recipients.
Business Email Compromise - correct answer ✔✔ A cyber attack with perpetrator sins email
messages masquerading as someone else, to trick a target into taking some action. Often, The
attacker pretends to be a company executive and request a wire transfer or urgent payment.
Cost of Goods Sold - correct answer ✔✔ A term that covers the direct costs incurred by the
company in the production of the goods or services it sells, it appears on the companies balance
sheets.
DDoS Attack - correct answer ✔✔ a cyber attack computer network or website by flooding the
target with pointless traffic from multiple sources.
Extortion - correct answer ✔✔ The act of demanding or obtaining something of value, usually
money, through force or threats.
FATF (Financial Action Task Force) - correct answer ✔✔ An international, inter-governmental
organization composed of members from more than 30 countries, whose primary purpose is
the development and promotion of policies, at both national and international levels, to combat
financial crime. It also conducts mutual evaluation's jurisdictions AML regimes, and issues lists
of deficient countries.
FATCA (Foreign Account Tax Compliance Act) - correct answer ✔✔ A US law that generally
requires foreign financial institutions to search their records for accounts held by you as
persons, and report on the assets and identities of such persons to tax authorities. Institutions
or account holders that do not comply or subject penalties.
