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Exam (elaborations)

CFCI Study Guide Questions With Correct Answers.

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  • CFCI

CFCI Study Guide Questions With Correct Answers.

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  • August 3, 2024
  • 26
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • CFCI
  • CFCI
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Prose1
CFCI Study Guide
Questions With
Correct Answers
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.

,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.



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.



credit card fraud - (CORRECT ANSWER)-the creation, sale, or use of a counterfeit credit

card, or the use of a stolen credit or debit card.



C.N.P - (CORRECT ANSWER)-Card not present transactions



identity fraud - (CORRECT ANSWER)-involves the unauthorized use of another person's

personal data for illegal financial benefit. Involves abusing the stolen information to

transact personal business in the victim's name.

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