ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes - CFE-Fraud-Schemes-and-Financial-Crimes Exam Practice Test

A. Neither A nor B

B. A written order exists but contains a right of return.

C. Until installation and customer testing and acceptance has occurred.

D. Both A & B

A. Unbundling

B. Upcoding

C. False diagnosis

D. Fictitious services

A. Gambling habit

B. Drug and/or alcohol addiction

C. All of the above

D. Extravagant lifestyle

A. Companies should permit the person who maintains the vendor master file to also have authority to approve payments for invoices.

B. Companies should restrict the monitoring of their procurement activities to once a year to ensure comparability from year to year.

C. Companies should conduct background checks on all vendors before they are added to the vendor master file.

D. Companies should have vendor-monitoring procedures that address the red flags of all vendor schemes.

A. 62 versus 36

B. None of the above

C. 62 versus 37

D. 61 versus 39

A. Xavier is reimbursed for knee surgery by a government health care program and then submits a claim for the procedure under his private insurance policy.

B. Gina submits a claim to her insurance company for a dermatological procedure that she canceled before her appointment.

C. Marco is a heavy smoker but indicates that he is a nonsmoker on his insurance application so that he will be eligible for full insurance coverage.

D. Ada is still on her ex-husband's health insurance policy and uses it to submit a claim for her hip replacement surgery.

A. Selling merchandise without recording the sale

B. Writing off stolen inventory as scrap

C. Falsely increasing the perpetual inventory record

D. All of the above

A. A fraudster purchases rare items on an online gaming platform using illicit funds and then sells the items to an accomplice who pays the fraudster with legitimate money.

B. An exporter and importer engage in a fraudulent transaction in which the exporter invoices goods to the importer at a price above their market value.

C. An importer funnels money through a cash-intensive business to conceal income from illicit activities with legitimate revenue from the front company.

D. A public official embezzles government funds from Country A and transfers them to a foreign account in Country B in small increments to avoid the reporting threshold.

A. Laura pretends to record a sale on the cash register when Amy makes a purchase, but she steals Amy's cash instead and gives her the merchandise without recording the sale.

B. Michael is a cashier at a store. He records a fictitious return of a $50 jacket and takes $50 from the cash register.

C. Scott performs a No-Sale transaction on the cash register, opens the register drawer, and takes a $100 bill.

D. Anne buys a $500 table from a shop. Olive, the cashier, records a $400 sale on the cash register and steals the excess $100.

A. Participants believe that they are making a legitimate investment.

B. Promoters of Ponzi schemes engage in minimal amounts of valid commerce or investments.

C. Participants are paid based on the number of new investors that they recruit.

D. Promoters of Ponzi schemes promise investors uncommonly high returns.

A. True

B. False

A. Occupational frauds

B. Accidents

C. Internal audits

D. Internal controls