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NEW QUESTION NO: 6
If more funds than expected are needed to cover loans losses in a given period, the reserve must be increased and the difference is charged to:
A. Administration expenses
B. Prepaid assets
C. Operating expenses
D. Loan expenses
Answer: C

NEW QUESTION NO: 7
Hedge funds:
A. Also have voluntarily restricted investment to wealthy investors through high investment minimums (e.g. $1 million)
B. Are subject to very few regulatory controls
C. Seek to profit in all kinds of markets by pursuing leveraging and other speculative investment practices
D. All of these
Answer: D

NEW QUESTION NO: 8
Considerations for determining required audit resources include:
A. Both A and B
B. Contractual assistance needed to meet the audit objectives
C. None of these
D. Training needed by the audit staff to meet the audit objectives
Answer: A

NEW QUESTION NO: 9
Derivates can be effective low cost tools for managing expose experience losses due to:
A. All of these
B. Interest rate change
C. Commodity price change
D. Master agreements
Answer: A

NEW QUESTION NO: 10
__________pays damaged insured by the injured and the insured's passenger when injured in an auto accident caused by a motorist without liability insurance. The coverage also covers accidents caused by hit-and-run drivers.
A. Uninsured motorist coverage
B. Liability coverage
C. Auto coverage
D. Medical coverage
Answer: A

NEW QUESTION NO: 11
Defined benefits & defined contribution plans and individual retirement accounts are commonly administered:
A. Corporate Trusts
B. Charitable Trusts
C. Employee benefit trusts
D. Estate Administrations
Answer: C

NEW QUESTION NO: 12
Audit evidence:
A. Is competent if it consistently produces the same outcomes
B. Is relevant when it is directly related to audit comments, recommendations and conclusions
C. All of these
D. Is sufficient when it is factual and would convince an informed person to reach the same conclusion
Answer: C

NEW QUESTION NO: 13
Securities are divided into five categories. Type I securities are also known as:
A. Marketable investment grade securities
B. Bank eligible securities
C. Stable obligations
D. Mortgage related securities
Answer: B

NEW QUESTION NO: 14
Bank may serve as trustee or custodian for pension and profit sharing plans that self- employed individuals establish for them selves and their employees. These types of trust are referred to as:
A. None of these
B. Keogh plans
C. Individual retirement account
D. Defined benefit plans
Answer: B

NEW QUESTION NO: 15
How many member states of the European Union are participating in the single Euro Currency?
A. Eight
B. Ten
C. Twelve
D. Fourteen
Answer: C

NEW QUESTION NO: 16
The benefits of an endowment insurance policy include all of the statements mentioned below EXCEPT:
A. Attractive return and maximum security
B. Both A&B
C. Ideal combination of investment and insurance coverage
D. Amount paid out is guaranteed and taxable returns
Answer: D