1
CFCI STUDY GUIDE REAL EXAM QUESTIONS
WITH 100% CORRECT ANSWERS 2025/2026
(GRADED A+)
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."
Main types of fraud - correct-answer -Internal Fraud and External Fraud
Internal Fraud - correct-answer -which involves the employees of the company
against which the fraud is perpetrated
External Fraud - correct-answer -deceptive conduct by non-employees that
deprives the organization of value, and/or is undertaken for financial gain.
, 2
embezzlement - correct-answer -theft or misappropriation of funds placed in
one's trust or belonging to one's employer.
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.
Skimming (cash larceny) - correct-answer -Accounts receivable fraud, this
involves simply stealing cash before it enters the organization's accounting system.
Billing Schemes - correct-answer -Perpetrated by employees who cause their
employer to issue a payment to a false supplier by submitting invoices for
fictitious goods or services, inflated invoices, or invoices for personal purchases.
check tampering - correct-answer -taking advantage of employee access to blank
company checks, using a password to
steal computer-generated checks, or producing counterfeit checks.
, 3
Employee reimbursement scheme - correct-answer -making false claims for
reimbursement, or inflating or creating fictitious business expenses. (Travel /meal
reimbursement.
corruption - correct-answer -Bribery, illegal gratuities, and/or extortion.
bribery - correct-answer -when something of value is offered or given to influence
a business decision
Illegal Gratuities - correct-answer -when something of value is given to an
employee to reward a business decision.
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.
Kickback Schemes - correct-answer -involving employees and vendors, often using
inflated billing or invoices for which the employee is paid a portion of the inflated
or fictitious invoice.
CFCI STUDY GUIDE REAL EXAM QUESTIONS
WITH 100% CORRECT ANSWERS 2025/2026
(GRADED A+)
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."
Main types of fraud - correct-answer -Internal Fraud and External Fraud
Internal Fraud - correct-answer -which involves the employees of the company
against which the fraud is perpetrated
External Fraud - correct-answer -deceptive conduct by non-employees that
deprives the organization of value, and/or is undertaken for financial gain.
, 2
embezzlement - correct-answer -theft or misappropriation of funds placed in
one's trust or belonging to one's employer.
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.
Skimming (cash larceny) - correct-answer -Accounts receivable fraud, this
involves simply stealing cash before it enters the organization's accounting system.
Billing Schemes - correct-answer -Perpetrated by employees who cause their
employer to issue a payment to a false supplier by submitting invoices for
fictitious goods or services, inflated invoices, or invoices for personal purchases.
check tampering - correct-answer -taking advantage of employee access to blank
company checks, using a password to
steal computer-generated checks, or producing counterfeit checks.
, 3
Employee reimbursement scheme - correct-answer -making false claims for
reimbursement, or inflating or creating fictitious business expenses. (Travel /meal
reimbursement.
corruption - correct-answer -Bribery, illegal gratuities, and/or extortion.
bribery - correct-answer -when something of value is offered or given to influence
a business decision
Illegal Gratuities - correct-answer -when something of value is given to an
employee to reward a business decision.
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.
Kickback Schemes - correct-answer -involving employees and vendors, often using
inflated billing or invoices for which the employee is paid a portion of the inflated
or fictitious invoice.
