ICDC Finance Sample Exam Questions with
Answers Verified 100% Correct
Samantha agrees to buy a bicycle from Tony for $225. This is an example of a(n)
Bilateral contract
Lucy authorized her accountant, attorney, and life-insurance agent to care for her
assets and make decisions regarding her money and property. Her accountant,
attorney, and life-insurance agent are her
Fiduciaries
Mary is accused of understating the tax due on her federal tax returns for the last five
years. The understatement has nothing to do with a tax shelter. Mary is very
concerned that she will be fined or sent to jail if she is convicted of understating her
tax. Which of the following statements regarding Mary's situation is true?
If a Certified Public Accountant prepared Mary's return, she can probably avoid
government penalties for the understatement of tax
Retirement accounts and real estate are examples of
Tax shelters
Which of the following groups is most likely to enforce public corporations'
compliance with financial reporting standards:
A securities regulatory commission
Which of the following quality-management methodologies is often used in the
finance industry to sustain regulatory compliance:
Six Sigma
,To better meet compliance requirements, Money Plus Bank needs to improve its
processes for calculating and reporting risk-weighted assets. Which of the following is
the best course of action for Money Plus Bank to take to improve these processes:
Switch from manual to automated calculation and reporting methods
In general, a governance, risk, and compliance (GRC) software system identifies and
measures risk; monitors the risk-management system; routinely checks adherence to
company-wide policies; and ensures compliance with
Reporting requirements
Jake is researching career trends in the field of accounting. Which of the following
sources is most likely to contain the most current, credible information:
The federal government's labor and workforce web site
An individual calls your company and asks to speak with your coworker, Rhonda
Hoffman. What should you do if Rhonda is not available to take the call?
Ask the caller if s/he would like to leave a message
Lana wants to include a two-dimensional graphic that shows the groupings and
patterns of multiple variables in her business report. Which of the following graphic
aids would best illustrate the data:
Scatter chart
The human-resources manager sends an e-mail to all employees stating that they will
need to park on the street on Tuesday because the maintenance department will be
repairing the company's parking lot. This is an example of a(n)
Informational message
Which of the following is an example of horizontal communication in the workplace:
, An employee sends an e-mail to a coworker about a short-term project
Before you can adapt your communication style to relate to businesspeople from
other countries, you must first
Realize that cultural differences exist
When helping a slow/methodical type of customer, salespeople should
Take care not to overwhelm the customer
Anna, the Bank Plus customer relationship manager, recently developed and
implemented a new customer relationship strategy across the organization. The
strategy emphasizes better understanding of customer needs. Anna also developed a
recognition program to reward employees for delivering quality customer service.
Which of the following is most likely to be Anna's primary goal in implementing the
new strategy:
Developing stronger long-term customer relationships
An important aspect of ethical behavior by financial-services providers is ensuring that
their clients
Understand the potential risks and rewards of different financial products
Beverly, the new office manager, just completed a review of the last two years of
accounts receivable data. In doing so, she discovered that there are erroneous
duplicate entries totaling $25,628 in the system. Unfortunately, due to these duplicate
entries, collection letters were sent to many customers who had already paid in full—
customers who are angry with the company for sending them the letters. What should
Beverly do to try to save these customer relationships and ensure that these
customers are not bothered in the future?
Complete a data cleansing of the erroneous entries
Answers Verified 100% Correct
Samantha agrees to buy a bicycle from Tony for $225. This is an example of a(n)
Bilateral contract
Lucy authorized her accountant, attorney, and life-insurance agent to care for her
assets and make decisions regarding her money and property. Her accountant,
attorney, and life-insurance agent are her
Fiduciaries
Mary is accused of understating the tax due on her federal tax returns for the last five
years. The understatement has nothing to do with a tax shelter. Mary is very
concerned that she will be fined or sent to jail if she is convicted of understating her
tax. Which of the following statements regarding Mary's situation is true?
If a Certified Public Accountant prepared Mary's return, she can probably avoid
government penalties for the understatement of tax
Retirement accounts and real estate are examples of
Tax shelters
Which of the following groups is most likely to enforce public corporations'
compliance with financial reporting standards:
A securities regulatory commission
Which of the following quality-management methodologies is often used in the
finance industry to sustain regulatory compliance:
Six Sigma
,To better meet compliance requirements, Money Plus Bank needs to improve its
processes for calculating and reporting risk-weighted assets. Which of the following is
the best course of action for Money Plus Bank to take to improve these processes:
Switch from manual to automated calculation and reporting methods
In general, a governance, risk, and compliance (GRC) software system identifies and
measures risk; monitors the risk-management system; routinely checks adherence to
company-wide policies; and ensures compliance with
Reporting requirements
Jake is researching career trends in the field of accounting. Which of the following
sources is most likely to contain the most current, credible information:
The federal government's labor and workforce web site
An individual calls your company and asks to speak with your coworker, Rhonda
Hoffman. What should you do if Rhonda is not available to take the call?
Ask the caller if s/he would like to leave a message
Lana wants to include a two-dimensional graphic that shows the groupings and
patterns of multiple variables in her business report. Which of the following graphic
aids would best illustrate the data:
Scatter chart
The human-resources manager sends an e-mail to all employees stating that they will
need to park on the street on Tuesday because the maintenance department will be
repairing the company's parking lot. This is an example of a(n)
Informational message
Which of the following is an example of horizontal communication in the workplace:
, An employee sends an e-mail to a coworker about a short-term project
Before you can adapt your communication style to relate to businesspeople from
other countries, you must first
Realize that cultural differences exist
When helping a slow/methodical type of customer, salespeople should
Take care not to overwhelm the customer
Anna, the Bank Plus customer relationship manager, recently developed and
implemented a new customer relationship strategy across the organization. The
strategy emphasizes better understanding of customer needs. Anna also developed a
recognition program to reward employees for delivering quality customer service.
Which of the following is most likely to be Anna's primary goal in implementing the
new strategy:
Developing stronger long-term customer relationships
An important aspect of ethical behavior by financial-services providers is ensuring that
their clients
Understand the potential risks and rewards of different financial products
Beverly, the new office manager, just completed a review of the last two years of
accounts receivable data. In doing so, she discovered that there are erroneous
duplicate entries totaling $25,628 in the system. Unfortunately, due to these duplicate
entries, collection letters were sent to many customers who had already paid in full—
customers who are angry with the company for sending them the letters. What should
Beverly do to try to save these customer relationships and ensure that these
customers are not bothered in the future?
Complete a data cleansing of the erroneous entries
