CFCI Final Exam 2025| 150 Real Exam Q
and Correct Answers| Graded A
Fraud CORRECT ANSWER✔✔ "Any illegal act
characterized by deceit, concealment, or vio
trust. These acts are not dependent upon th
perpetrated by individuals and organizations
obtain money, property, or services; to avoid
payment or loss of services; or to secure per
business ad- vantage."
Main types of fraud CORRECT ANSWER✔✔ In
Fraud and External Fraud
Internal Fraud CORRECT ANSWER✔✔ which
the employees of the company against which
fraud is perpetrated
External Fraud CORRECT ANSWER✔✔ decept
conduct by non- employees that
deprives the organization of value, and/or is
undertaken for financial gain.
,fraud generally refers to falsely representing
financial condition of the company, so as to
the value of stock, fraudulently boost execu
bonuses, or otherwise mislead shareholders,
employees, investment analysts, or other use
the information.
Skimming (cash larceny) CORRECT ANSWER✔
Accounts receivable fraud, this
involves simply stealing cash before it enter
organization's accounting system.
Billing Schemes CORRECT ANSWER✔✔ Perpe
by employees who cause their employer to is
payment to a false supplier by submitting inv
for fictitious goods or services, inflated invoi
invoices for personal purchases.
check tampering CORRECT ANSWER✔✔ takin
advantage of employee access to blank comp
checks, using a password to
steal computer-generated checks, or produc
counterfeit checks.
,bribery CORRECT ANSWER✔✔ when somethi
value is offered or given to influence a busi
decision
Illegal Gratuities CORRECT ANSWER✔✔ whe
something of value is given to an employee t
reward a business decision.
Extortion CORRECT ANSWER✔✔ when
demands payment or seeks to influence a
decision by threat of harm through loss of b
personal injury.
Kickback Schemes CORRECT ANSWER✔✔ inv
employees and vendors, often using inflated
or invoices for which the employee is paid a
of the inflated or fictitious invoice.
credit card fraud CORRECT ANSWER✔✔ the cr
sale, or use of a counterfeit credit card, or th
a stolen credit or debit card.
, information.
2 categories that encompass Fraud CORRECT
ANSWER✔✔ Theft (stealing money, ID, or as
and deception (cooking the books, lying to
shareholders, employees or partners)
Myth #1 of the Financial Services CORRECT
ANSWER✔✔ "We have very little fraud here"
subprime mortgage fraud
Myth #2 of Financial Services CORRECT ANS
"Ethics and training compliance has us cove
Fraud is not always covered in ethics policy
training.
Myth #3 of Financial Services CORRECT ANSW
"Fraud is an unavoidable cost of doing busine
Fraud is usually not serious enough to destro
financial service firm, it is much more than
necessary cost of doing business.
Chapter 1 review points CORRECT ANSWER✔
and Correct Answers| Graded A
Fraud CORRECT ANSWER✔✔ "Any illegal act
characterized by deceit, concealment, or vio
trust. These acts are not dependent upon th
perpetrated by individuals and organizations
obtain money, property, or services; to avoid
payment or loss of services; or to secure per
business ad- vantage."
Main types of fraud CORRECT ANSWER✔✔ In
Fraud and External Fraud
Internal Fraud CORRECT ANSWER✔✔ which
the employees of the company against which
fraud is perpetrated
External Fraud CORRECT ANSWER✔✔ decept
conduct by non- employees that
deprives the organization of value, and/or is
undertaken for financial gain.
,fraud generally refers to falsely representing
financial condition of the company, so as to
the value of stock, fraudulently boost execu
bonuses, or otherwise mislead shareholders,
employees, investment analysts, or other use
the information.
Skimming (cash larceny) CORRECT ANSWER✔
Accounts receivable fraud, this
involves simply stealing cash before it enter
organization's accounting system.
Billing Schemes CORRECT ANSWER✔✔ Perpe
by employees who cause their employer to is
payment to a false supplier by submitting inv
for fictitious goods or services, inflated invoi
invoices for personal purchases.
check tampering CORRECT ANSWER✔✔ takin
advantage of employee access to blank comp
checks, using a password to
steal computer-generated checks, or produc
counterfeit checks.
,bribery CORRECT ANSWER✔✔ when somethi
value is offered or given to influence a busi
decision
Illegal Gratuities CORRECT ANSWER✔✔ whe
something of value is given to an employee t
reward a business decision.
Extortion CORRECT ANSWER✔✔ when
demands payment or seeks to influence a
decision by threat of harm through loss of b
personal injury.
Kickback Schemes CORRECT ANSWER✔✔ inv
employees and vendors, often using inflated
or invoices for which the employee is paid a
of the inflated or fictitious invoice.
credit card fraud CORRECT ANSWER✔✔ the cr
sale, or use of a counterfeit credit card, or th
a stolen credit or debit card.
, information.
2 categories that encompass Fraud CORRECT
ANSWER✔✔ Theft (stealing money, ID, or as
and deception (cooking the books, lying to
shareholders, employees or partners)
Myth #1 of the Financial Services CORRECT
ANSWER✔✔ "We have very little fraud here"
subprime mortgage fraud
Myth #2 of Financial Services CORRECT ANS
"Ethics and training compliance has us cove
Fraud is not always covered in ethics policy
training.
Myth #3 of Financial Services CORRECT ANSW
"Fraud is an unavoidable cost of doing busine
Fraud is usually not serious enough to destro
financial service firm, it is much more than
necessary cost of doing business.
Chapter 1 review points CORRECT ANSWER✔
