Tested & Approved CFE-Financial-Transactions-and-Fraud-Schemes Study Materials Download Free Updated 100 Questions [Q53-Q74]

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Tested & Approved CFE-Financial-Transactions-and-Fraud-Schemes Study Materials Download Free Updated 100 Questions

Regular Free Updates CFE-Financial-Transactions-and-Fraud-Schemes Dumps Real Exam Questions Test Engine

NEW QUESTION 53
What can make it easy for an employee to skim sales or receivables?

Revenue sources and recording procedures

Poor collection and recording procedures

Internal audits and recording procedures

NEW QUESTION 54
________ increase assets and expenses and/or decrease liabilities and/or equity

Journal Entries

Debit

Credit

None of all

NEW QUESTION 55
In ___________ scheme, an employee creates false vouchers or submits false invoices to the employer.

Sale requisition

Purchase requisition

Voucher handling

Cash generating

NEW QUESTION 56
Which of the following statements is FALSE with regard to counterfeit credit and debit cards?

Counterfeit credit and debit card schemes often involve collusion with merchants or a merchant’s employees.

The production of counterfeit credit and debit cards is too complicated for the use of high-speed printing facilities.

Credit and debit card holograms are difficult to reproduce.

Counterfeiters create phone credit and debit cards through the use of what is commonly referred to as
“blank plastic”.

Explanation/Reference: https://www.usatoday.com/story/news/nation/2014/09/03/stolen-credit-cards-fenced-on-the-dark-web/15020053/

NEW QUESTION 57
The essential elements of a ________ are an actual or constructive taking away of the goods or property of another with the without the consent and against the will of the owner and with a felonious intent.

Larceny

Abuse

Fiduciary

None of the above

NEW QUESTION 58
Which of the following statements is TRUE with regard to the income statement?

Gross profit is equal to revenues less operating expenses.

Net profit is the difference between total sales and the cost of goods sold.

A company’s cash balance is usually the first line item listed.

Gross revenue is the total amount of sales before deductions are applied.

Explanation/Reference: https://www.zoho.com/books/guides/what-is-an-income-statement.html#:~:text=The%20income%20statement%20shows%20a,on%20a%20good%20financial%20footing

NEW QUESTION 59
__________ can be defined as conduct detrimental to the organization and to the employee.

Employee deviance

Employee theft

Employee fraud

All of the above

NEW QUESTION 60
One final means of concealing a register scheme, as with many kinds of fraud, is to destroy all records of the transaction.

True

False

NEW QUESTION 61
Which of the following are used in a short term skimming scheme?

Unrecorded sales, understated sales and theft of incoming checks

Unrecorded sales, understated sales and dual endorsements

False company accounts, understated sales and theft of incoming checks

Understated sales, theft of incoming checks and check-for-currency substitutions

NEW QUESTION 62
All of the following are common ways that a procuring employee might engage in a bid manipulation scheme EXCEPT:

Charging for costs that are not allowable

Altering bids

Opening bids prematurely

Extending bid opening dates without justification

NEW QUESTION 63
Which of the following is a recommended method for safeguarding an organization’s proprietary information?

Classifying data into categories according to value and sensitivity levels

Changing locks and reprogramming door access codes every three to five years

Mandating that all employees sign noncompetition agreements

Requiring employees to take notes and keep drafts related to confidential projects

NEW QUESTION 64
Which of the following is not the skimming scheme?

Unrecorded sales

Fraud & Cost

Theft of checks through the mail

Understand sales and receivables

NEW QUESTION 65
__________ are the amounts which are owned to other entities:

Supplies

Expenses

Assets

Liabilities

NEW QUESTION 66
Which of the following is MOST ACCURATE concerning common methods that identity thieves use to steal information?

Vishing involves using an imitation website to trick targets into revealing personal or business information.

Stealing a credit card number by watching someone enter it on a computer is an example of shoulder surfing.

Searching for sensitive personal information on used mobile phones purchased from a reseller is an example of dumpster diving.

Baiting is defined as the practice of manipulating people into revealing personal or business information.

Explanation/Reference: https://www.pandasecurity.com/en/mediacenter/mobile-security/what-is-vishing/

NEW QUESTION 67
Disabling the biometric features on a mobile device is a recommended action to help increase the security of mobile payments.

True

False

Explanation/Reference: https://www.thalesgroup.com/en/markets/digital-identity-and-security/government/inspired/biometrics

NEW QUESTION 68
If a construction developer submitted a draw request to a bank, which of the following would be most indicative of loan fraud?

Missing inspection reports

Including lien releases from subcontractors

Lack of documented expenses from other similar contracts

Evidence of change orders

NEW QUESTION 69
Employees with the authority to grant discounts in order to skim revenues may use which authority?

False discounts

Recording a discount on sale procedure

Internal discount sales audits

None of the above

NEW QUESTION 70
Which of the following is NOT the type of billing scheme?

Invoicing via shell companies

Invoicing via non-accomplice companies

Invoicing via accomplice companies

Personal purchases with company funds

NEW QUESTION 71
Another way to eliminate competition in the solicitation phase of the selection process is to:

Solicit bid from fictitious suppliers

Solicit transaction from fictitious vendors

Solicit bid-splitting from fictitious vendors

None of the above

NEW QUESTION 72
____________ is a summary of the account balances carried in a ledger.

Balance sheet

Income statement

Financial statement

General journal

NEW QUESTION 73
Which of the following would NOT be considered a conflict of interest?

James works for the Muscle Factory Gym on weekdays and Earthworks Lawn Mowing on weekends, but he does not tell either employer about the other job.

Josh owns a significant amount of stock in a company he regularly buys office supplies from, and his employer is unaware of this fact.

Jenny purchases materials from Great Oaks Lumber for her employer to use in projects; Jenny’s husband works for Great Oaks Lumber, and she has not informed her employer of this.

Jane hires her cousin, Rita, to provide shipping and packaging services for her company, but she does not disclose their relationship.

NEW QUESTION 74
_________ normally are carried on an organization’s books as expenses because they tend to be consumed by the organization within a year of purchase.

Supplies

Expenses

Assets

Equity

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