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ABA CTFA Practice Test - Questions Answers, Page 50

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A tax structure in which the larger the amount of taxable income, the higher the rate at which it is taxed is:
Gross income essentially includes any and all income subject to federal taxes. Here are some common forms of gross income Except:
___________ is a type of insurance that protects funds on deposit against failure of the institution; can be insured by the FDIC and the NCUA.
The difference between the purchase price and the repurchase price, or sale price, plus accrued interest on the security represents:
Taxable income is:
Average severities projection method uses various claim count and average cost per claim date on either a paid or insured basis.
All of the following are investment alternatives, Except:
In negotiating car prices, choosing among various makes, models, and options can make comparison difficult. You can check one of the popular price guides to research used car prices. What is that guide?
The __________ decision involves determining the appropriate make-up of the righthand side of the balance sheet.
Which of the following tests is used to test the weak form of market efficiency?

Question 491

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The auditor responds to risks of material misstatements due to fraud in which of the following ways?

A.
A response that has an overall effect on how the audit is conducted
A.
A response that has an overall effect on how the audit is conducted
Answers
B.
A response to identified risks involving the nature, timing and extent of auditing procedures to be performed
B.
A response to identified risks involving the nature, timing and extent of auditing procedures to be performed
Answers
C.
a response involving the performance of certain procedures to further address the risk of material misstatement due to fraud involving management override of controls
C.
a response involving the performance of certain procedures to further address the risk of material misstatement due to fraud involving management override of controls
Answers
D.
All of the above
D.
All of the above
Answers
Suggested answer: D
asked 16/09/2024
Mario Perez Hervas
34 questions

Question 492

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The Module Rule requires the insurer to provide:

A.
To the insurance commissioner of the state of domicile, a copy of notification of adverse financial condition
A.
To the insurance commissioner of the state of domicile, a copy of notification of adverse financial condition
Answers
B.
To the auditor, evidence that the notification has been provided to the organization
B.
To the auditor, evidence that the notification has been provided to the organization
Answers
C.
Both A & B
C.
Both A & B
Answers
D.
Neither A nor B
D.
Neither A nor B
Answers
Suggested answer: A
asked 16/09/2024
fabio josca
34 questions

Question 493

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The SEC rules clarify that management's assessment and report is limited to internal control over financial reporting.

A.
True
A.
True
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B.
False
B.
False
Answers
Suggested answer: A
asked 16/09/2024
Tamilselvi R
36 questions

Question 494

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___________ is an unmanaged fund designed to replicates closely as possible the performance of a specified index of market activity.

A.
Index fund
A.
Index fund
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B.
Reserve fund
B.
Reserve fund
Answers
C.
Mutual fund
C.
Mutual fund
Answers
D.
Pension fund
D.
Pension fund
Answers
Suggested answer: A
asked 16/09/2024
Jason Content
25 questions

Question 495

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Short-term portfolios are:

A.
Portfolios consisting of liabilities with maturities of one year to meet dollar needs.
A.
Portfolios consisting of liabilities with maturities of one year to meet dollar needs.
Answers
B.
Portfolios consisting of combined revenues of less than one year to meet liquidity needs.
B.
Portfolios consisting of combined revenues of less than one year to meet liquidity needs.
Answers
C.
Portfolios consisting of assets with maturities of less than one year to meet liquidity needs.
C.
Portfolios consisting of assets with maturities of less than one year to meet liquidity needs.
Answers
D.
Portfolios consisting of expenses with maturities of less than or equal to one year to meet dollar needs.
D.
Portfolios consisting of expenses with maturities of less than or equal to one year to meet dollar needs.
Answers
Suggested answer: C
asked 16/09/2024
Sean Kell
45 questions

Question 496

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Audit regulatory is more reliable when it is obtained from knowledgeable independent sources inside the entity.

A.
True
A.
True
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B.
False
B.
False
Answers
Suggested answer: B
asked 16/09/2024
Gokul Kalaiselvi Loganathan
47 questions

Question 497

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____________ is provided by original documents is more reliable than audit evidence provided by photocopies or facsimiles.

A.
Enterprise evidence
A.
Enterprise evidence
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B.
Property evidence
B.
Property evidence
Answers
C.
Audit evidence
C.
Audit evidence
Answers
D.
Regulatory evidence
D.
Regulatory evidence
Answers
Suggested answer: C
asked 16/09/2024
William Takashi Chan
34 questions

Question 498

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When policy periods expire, the premiums written are earned and are recognized as __________.

A.
Liabilities
A.
Liabilities
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B.
Expenses
B.
Expenses
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C.
Revenues
C.
Revenues
Answers
D.
None of the above
D.
None of the above
Answers
Suggested answer: C
asked 16/09/2024
Juan Bueno
40 questions

Question 499

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The pro rata portion of premiums written allocable to unexpired policy periods represents unearned premiums, which are reflected as ___________ in the balance sheet.

A.
Liabilities
A.
Liabilities
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B.
Expenses
B.
Expenses
Answers
C.
Revenues
C.
Revenues
Answers
D.
None of the above
D.
None of the above
Answers
Suggested answer: A
asked 16/09/2024
Cheah Eng Soon
34 questions

Question 500

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Tax Act states that:

A.
A life insurer is subject to an investment income tax of 15 percent on its 'net Canadian life investment income
A.
A life insurer is subject to an investment income tax of 15 percent on its 'net Canadian life investment income
Answers
B.
A life insurer is subject to an investment income tax of 25 percent on its 'net Canadian life investment income
B.
A life insurer is subject to an investment income tax of 25 percent on its 'net Canadian life investment income
Answers
C.
A life insurer is subject to an investment income tax of 35 percent on its 'net Canadian life investment income
C.
A life insurer is subject to an investment income tax of 35 percent on its 'net Canadian life investment income
Answers
D.
A life insurer is subject to an investment income tax of 45 percent on its 'net Canadian life investment income
D.
A life insurer is subject to an investment income tax of 45 percent on its 'net Canadian life investment income
Answers
Suggested answer: A
asked 16/09/2024
Ivan Dujmic
52 questions
Total 895 questions
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