CCIFP Exam Questions with Correct Answers
Responsibility around safety
Proper safety protocols reduces expenditures for injuries, missed time and lowers insurance
premiums
Funding of group health benefits
1) Fully insured
2) Self insured
3) Minimum premium
4 HR responsibilities of a finance manager
1) Hiring
2) Training
3) Motivating
4) Organizing
Which defined contribution plan allows borrowing to fund plan contributions
ESOP
Two sets of rules FASB adopted for employee benefits
1) Pension plan rules
2) Post retirement rules
Requirement of the Davis-Bacon act
Contractors under a federal contract pay their employees prevailing wages
Actual Conflict of interest
, Where an employee receives unapproved benefits
Qualified benefits under section 125
1) Group life insurance
2) Disability & AD&D
3) Health insurance & HSA
4) Dependent care
5) 401K
6) Taxable benefits
7) Group legal services
8) Vacation
What is a benchmark job
Jobs that closely match survey jobs with company descriptions
Financial Managers responsibilities to employers
1) Act as a representative to employers
2) Custodian of company assets
3) Accurate financial reporting
Appearance of conflict of interest
Where no unapproved benefit is actually received but relationships and circumstances make it
seem like one has
Green Circiling
Employees being paid under minimum wage
IRS Twenty factor test
Responsibility around safety
Proper safety protocols reduces expenditures for injuries, missed time and lowers insurance
premiums
Funding of group health benefits
1) Fully insured
2) Self insured
3) Minimum premium
4 HR responsibilities of a finance manager
1) Hiring
2) Training
3) Motivating
4) Organizing
Which defined contribution plan allows borrowing to fund plan contributions
ESOP
Two sets of rules FASB adopted for employee benefits
1) Pension plan rules
2) Post retirement rules
Requirement of the Davis-Bacon act
Contractors under a federal contract pay their employees prevailing wages
Actual Conflict of interest
, Where an employee receives unapproved benefits
Qualified benefits under section 125
1) Group life insurance
2) Disability & AD&D
3) Health insurance & HSA
4) Dependent care
5) 401K
6) Taxable benefits
7) Group legal services
8) Vacation
What is a benchmark job
Jobs that closely match survey jobs with company descriptions
Financial Managers responsibilities to employers
1) Act as a representative to employers
2) Custodian of company assets
3) Accurate financial reporting
Appearance of conflict of interest
Where no unapproved benefit is actually received but relationships and circumstances make it
seem like one has
Green Circiling
Employees being paid under minimum wage
IRS Twenty factor test
