WCC Final Exam 99 Questions with Verified Answers
What are the 12 types of WCC - CORRECT ANSWER 1. Mortgage Fraud
2. Academic Fraud
3. Healthcare Fraud
4. Cyber Fraud
5. Embezzlement
6. Ponzi
7. Money Laundering
8. Insider Trading
9. Environmental Crime
10. False Advertising
11. Foreign Corrupt Practices Act
12. Corporate Criminal Liability
Who is Edwin Sutherland? - CORRECT ANSWER Coined the phrase White Collar
Crime in 1939 as "a crime committed by a person of respectability and high social
status in the course of their occupation"
What is a whistleblower? - CORRECT ANSWER An individual who reports illegal or
unethical behavior
What is a hotline? - CORRECT ANSWER A hotline in WCC is a system that handles
whistleblowing reports.
Entails reports on any immoral or unethical behavior through direct means (first
hand reports) or indirect means (letter, public library, ect.)
What is the number 1 way that occupational fraud is initially detected? - CORRECT
ANSWER tip
What is the percentage breakdown for tips? - CORRECT ANSWER 50% employees
22% customers
15% anonymous
, Organizations with fraud hotlines detect fraud _____% faster than those without
hotlines. - CORRECT ANSWER 33
______% of fraud offenders have never been charged or convicted of prior fraud -
CORRECT ANSWER 89
About ______% of fraud offenders live beyond their means, and ______% were
experiencing financial difficulties when they were caught - CORRECT ANSWER 42,
26
What causes ⅓ of occupational fraud cases? - CORRECT ANSWER lack of internal
controls
Nearly _____ amount of embezzlement schemes last 3 years or longer before
detection - CORRECT ANSWER ⅓
Organizations lose ______% of revenue from fraud each year - CORRECT ANSWER
5
More than ½ of all occupational fraud comes from which 4 departments -
CORRECT ANSWER Operations 15%
Accounting 14%
Executive/Upper Management 12%
Sales 11%
What percentage of criminals partake in asset misappropriation ONLY? - CORRECT
ANSWER 53%
What percentage of criminals partake in corruption, asset misappropriation, and
financial statement fraud? - CORRECT ANSWER 5%
What are the top 4 concealment methods used by fraudsters? - CORRECT
ANSWER Created fraudulent physical documents (40%)
Altered physical documents (36%)
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller paulhans. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.99. You're not tied to anything after your purchase.
