Financial CFSA Exam (page: 11)
Financial Certified Services Auditor (CFSA)
Updated on: 31-Mar-2026

Viewing Page 11 of 65

Details: DOMAIN II-AUDITING FINANCIAL SERVICES PRODUCTS

Which one of the following generally pays higher rates of interest than saving accounts?

  1. Money market deposit accounts
  2. Certificates of deposit
  3. Term loans
  4. Asset-based financing

Answer(s): B




Details: DOMAIN II-AUDITING FINANCIAL SERVICES PRODUCTS

Interest rates offered on new CDs changes:

  1. Daily at most banks
  2. Twice a day at most banks
  3. Weekly at most banks
  4. Monthly at most banks

Answer(s): A




Details: DOMAIN II-AUDITING FINANCIAL SERVICES PRODUCTS

Certificates of deposit may be:

  1. Bearable or registered
  2. Negotiable or non-negotiable
  3. None of these
  4. Both of these

Answer(s): D




Details: DOMAIN II-AUDITING FINANCIAL SERVICES PRODUCTS

Many businesses generally find CDs to be a:

  1. Satisfactory money management approach
  2. More than satisfactory money management approach
  3. Less than satisfactory money management approach
  4. Dissatisfactory money management approach

Answer(s): C




Details: DOMAIN II-AUDITING FINANCIAL SERVICES PRODUCTS

Non-interest bearing accounts including checking accounts and escrow accounts are known as:

  1. Term deposit accounts
  2. Demand deposit accounts
  3. Fixed deposit accounts
  4. Both A and C

Answer(s): B




Details: DOMAIN II-AUDITING FINANCIAL SERVICES PRODUCTS

Demand deposit account allows customers to transfer money through the use of:

  1. Checks
  2. ATMs and EFTs
  3. Point of sale (POS) terminals
  4. All of these

Answer(s): D




Details: DOMAIN II-AUDITING FINANCIAL SERVICES PRODUCTS

During the posting process of ledger records on deposit account banks may reject some transactions because:

  1. They lack proper endorsements
  2. They are subject to stop payments
  3. They would create an over draft
  4. All of these

Answer(s): D




Details: DOMAIN II-AUDITING FINANCIAL SERVICES PRODUCTS

Which one of the following audit objectives and steps should not be considered when performing an audit of deposit account?

  1. Determine whether dormant accounts are closed in a timely manner and in accordance with policies
  2. Determine whether there are adequate controls to prevent unauthorized access and change to customer accounts
  3. Determine whether applicable fees and penalties are properly assessed and posted
  4. None of these

Answer(s): D



Viewing Page 11 of 65



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