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ACFE Certified Fraud Examiner -Fraud Schemes and Financial Crimes Sample Questions:
1. Which of the following is a method that a fraudster might use to conceal inventory shrinkage?
A) All of the above
B) Selling merchandise without recording the sale
C) Writing off stolen inventory as scrap
D) Falsely increasing the perpetual inventory record
2. Which of the following statements about counterfeit payment card schemes is TRUE?
A) The hologram on a payment card is the most difficult feature to reproduce on a counterfeit payment card.
B) Counterfeit payment card schemes most often involve collusion between a credit card company and merchants.
C) Professional printing facilities and software are required in the production of counterfeit payment cards.
D) Counterfeit payment card schemes involve the reuse of expired card numbers from inactive payment cards to create new cards.
3. Warner is part of management at ABC Corporation. He has been asked to implement measures to help prevent fraudulent billing schemes. Which of the following measures would likely be MOST EFFECTIVE?
A) Enforcing competitive bidding from potential vendors
B) Combining the purchasing and payment functions within a single department
C) Requiring all fraud tips to be reported to employees' direct supervisors
D) Using an external vendor to negotiate procurement contracts
4. Which of the following is a recommended activity that organizations should engage in to protect their proprietary information from threats?
A) Conducting confidential meetings in specially constructed quiet rooms
B) Enlisting a task force to identify the information security practices of competitors
C) Maximizing data collection to limit the information available during a data breach
D) Prohibiting all nonemployees from entering the organization's premises
5. A scheme is classified as a Conflict of Interest:
A) when a salesman must have some kind of ownership or employment interest in the vendor submitting the sales.
B) when a dealer must have some kind of dealership interest in the vendor submitting the stock.
C) when a purchaser must have some kind of ownership or employment interest in the vendor submitting the purchase.
D) when an employee must have some kind of ownership or employment interest in the vendor submitting the invoice.
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: A | Question # 3 Answer: A | Question # 4 Answer: A | Question # 5 Answer: D |






