CFCI Study Guide Exam Questions and Answers |Fall
2026/2027 Update | 100% Correct Latest (Graded A+)
Question 1
Fraud
Correct Answer
"Any illegal acts characterized by deceit, concealment, or violation of trust. These acts are not dependent upon the
perpetrated by individuals and organizations to obtain money, property, or services; to avoid payment or loss of services;
or to secure personal or business ad-vantage."
Question 2
Main types of fraud
Correct Answer
Internal Fraud and External Fraud
Question 3
Internal Fraud
Correct Answer
Activities that may be criminal, committed within an organization, typically by the employee against the employer.
Page 1 of 65
,Question 4
External Fraud
Correct Answer
Deceptive conduct by non-employees that
deprives the organization of value, and/or is undertaken for financial gain.
Question 5
Embezzlement
Correct Answer
The theft of money, property, or other assets of the employer.
Question 6
Larceny
Correct Answer
The taking away of the property of another, with the intent to convert it to his/her own use.
Question 7
Financial Fraud
Correct Answer
"Cooking the books." This type of fraud generally refers to falsely representing the financial condition of the company, so
as to inflate the value of stock, fraudulently boost executive bonuses, or otherwise mislead shareholders, lenders,
employees, investment analysts, or other users of the information.
Page 2 of 65
,Question 8
Skimming (cash larceny)
Correct Answer
Accounts receivable fraud, this involves simply stealing cash before it enters the organization's accounting system.
Question 9
Billing Schemes
Correct Answer
Using false documentation to cause a targeted organization to issue a payment for false services and/or purchases.
Question 10
Check Tampering
Correct Answer
Common method (Taking advantage of employee access to blank company checks, using a password to
steal computer-generated checks or producing counterfeit checks).
Question 11
Employee reimbursement scheme
Correct Answer
Making false claims for reimbursement or inflating or creating fictitious business expenses. (Travel /meal reimbursement.
Page 3 of 65
, Question 12
Corruption
Correct Answer
Bribery, illegal gratuities, and/or extortion.
Question 13
Bribery
Correct Answer
When something of value is offered or given to influence a business decision.
Question 14
Illegal Gratuities
Correct Answer
When something of value is given to an employee to reward a business decision.
Question 15
Extortion
Correct Answer
When a person demands payment or seeks to influence a business decision by threat of harm through loss of business or
personal injury.
Page 4 of 65
2026/2027 Update | 100% Correct Latest (Graded A+)
Question 1
Fraud
Correct Answer
"Any illegal acts characterized by deceit, concealment, or violation of trust. These acts are not dependent upon the
perpetrated by individuals and organizations to obtain money, property, or services; to avoid payment or loss of services;
or to secure personal or business ad-vantage."
Question 2
Main types of fraud
Correct Answer
Internal Fraud and External Fraud
Question 3
Internal Fraud
Correct Answer
Activities that may be criminal, committed within an organization, typically by the employee against the employer.
Page 1 of 65
,Question 4
External Fraud
Correct Answer
Deceptive conduct by non-employees that
deprives the organization of value, and/or is undertaken for financial gain.
Question 5
Embezzlement
Correct Answer
The theft of money, property, or other assets of the employer.
Question 6
Larceny
Correct Answer
The taking away of the property of another, with the intent to convert it to his/her own use.
Question 7
Financial Fraud
Correct Answer
"Cooking the books." This type of fraud generally refers to falsely representing the financial condition of the company, so
as to inflate the value of stock, fraudulently boost executive bonuses, or otherwise mislead shareholders, lenders,
employees, investment analysts, or other users of the information.
Page 2 of 65
,Question 8
Skimming (cash larceny)
Correct Answer
Accounts receivable fraud, this involves simply stealing cash before it enters the organization's accounting system.
Question 9
Billing Schemes
Correct Answer
Using false documentation to cause a targeted organization to issue a payment for false services and/or purchases.
Question 10
Check Tampering
Correct Answer
Common method (Taking advantage of employee access to blank company checks, using a password to
steal computer-generated checks or producing counterfeit checks).
Question 11
Employee reimbursement scheme
Correct Answer
Making false claims for reimbursement or inflating or creating fictitious business expenses. (Travel /meal reimbursement.
Page 3 of 65
, Question 12
Corruption
Correct Answer
Bribery, illegal gratuities, and/or extortion.
Question 13
Bribery
Correct Answer
When something of value is offered or given to influence a business decision.
Question 14
Illegal Gratuities
Correct Answer
When something of value is given to an employee to reward a business decision.
Question 15
Extortion
Correct Answer
When a person demands payment or seeks to influence a business decision by threat of harm through loss of business or
personal injury.
Page 4 of 65
