Module 1 Knowledge Check

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Texas A&M University, Corpus Christi *

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5340

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Management

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Apr 3, 2024

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QUESTION 1 1. Dr. Joseph Wells, the founder of the Association of Fraud Examiners, created the fraud triangle based on his career of investigating white-collar criminals for the FBI. True False 10 points QUESTION 2 1. Bob N, is day time cook at a pizza restaurant. During the week business is slow and Bob performs all the duties at the restaurant as server, cook, and cashier. When customers pay cash Bob takes the bill he prepared by hand and gives the change to the customer. If the customer does not ask for a receipt Bob does not ring it up and he pockets the cash. He usually chooses to do this if the customer was the only one in the restaurant. Bob needs the money to save up for his college tuition and books, He intends to pay the money back after his student loans come through. Bob's intention to pay back what he stole is an example of: Financial pressure Opportunity Moral values Rationalization 10 points QUESTION 3 1. Robbery uses force and physical intimidation to perform the crime. In contrast, the perpetrator of a fraud scheme will use nonviolent means. Which of the following is not one of the means to conduct a fraud? Confidence Deception Trickery Intelligence 10 points QUESTION 4 1. The use of one's occupation for personal enrichment through the deliberate misuse or misapplication of the employing organization's resources of assets is the definition of which of the following types of fraud? Employee embezzlement or occupational fraud Investment scams Management fraud Vendor fraud 10 points QUESTION 5 1. How often do people rationalize? Often Sometimes

Rarely Never 10 points QUESTION 6 1. A fraud perpetrator is able to convince a potential victim that he will receive a large bonus if he supports him in a fraud scheme. Which type of power is the fraud perpetrator using? 2. a . Coercive power b . Reward power c . Expert power d . Legitimate power 10 points QUESTION 7 1. An employee who has the responsibilities of both writing checks and making bank deposits would have ____ to commit fraud. 2. a . validation b . financial pressure c . a perceived opportunity d . the rationalization 10 points QUESTION 8 1. Greed, living beyond one's means, and high bills all describe what type of fraud-related pressure? 2. a . Environmental b . Financial c . Peer d . Work-related 10 points QUESTION 9 1. How is the confidence element established in a Ponzi scheme? 2. a . By returning money to all investors. b . By investing in prime bonds. c . By issuing notarized certificates. d By paying returns to investors

. initially. 10 points QUESTION 10 1. The word "con," which means to deceive, comes from the word: 2. a . Confidence. b . Conserve. c . Contract. d . Confuse. ACFE Video Quiz #1: Inside the Fraudster's Mind QUESTION 1 1. In the second segment, Mark Whittaker became a whistleblower on ADM's price-fixing while at the same time stealing more than $9 million from his company. True False 25 points QUESTION 2 1. In the fourth segment, Aaron Beam, CFO of HealthSouth, blames the CEO for pressuring him to "cook the books." True False 25 points QUESTION 3 1. A short term focus and need for immediate rewards as described in the fifth video segment is a fraud based on the fraudster's "sense of entitlement." True False 25 points QUESTION 4 1. Some fraudster's lack remorse for their actions because they think their fraud is much less than what their company is doing. True False

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QUESTION 1 1. Which of the following is NOT a common financial pressure associated with fraud? 2. a . High bills or personal debt b . Personal financial losses c . Living beyond one's means d . Desire to hurt employer financially 5 points QUESTION 2 1. Which of the following is NOT a possible control activity? 2. a . Having separate authorization, bookkeeping, and custody functions. b . Protecting access to important information with a password. c . Requiring two individuals to work on the same task. d . Supervisory review of each task completed by employees. 5 points QUESTION 3 1. Which of the following observations is true? 2. a . Research shows that only people with a criminal mindset commit fraud. b . Most fraud perpetrators have profiles that are similar to those of other people. c . Fraud perpetrators usually can be distinguished from others based on psychological characteristics. d . When fraud does occur, the most common initial reaction by those involved in the fraud is confession. 5 points QUESTION 4 1. According to the study mentioned in the text, people who commit fraud are most similar to which of the following groups?

2. a . College students b . Property offenders c . Animal lovers d . Convicted felons 5 points QUESTION 5 1. An employee who has the responsibilities of both writing checks and making bank deposits would have ____ to commit fraud. 2. a . validation b . a perceived opportunity c . financial pressure d . the rationalization 5 points QUESTION 6 1. Which of the following is NOT an element of a good control environment? 2. a . Appropriate hiring b . Modeling c . Management's communication d . Trust 5 points QUESTION 7 1. Wilma participates in a fraud scheme by executing some derivative trades because she believed that a senior analyst knew more about complex derivative transactions than she did. These transactions were fraudulent in nature. Which type of power was employed to deceive Wilma? 2. a . Expert power

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b . Coercive power c . Reward power d . Referent power 5 points QUESTION 8 1. According to Max Weber, ______ is the probability that a person can carry out his or her own will despite resistance. 2. a . prejudice b . power c . potency d . persuasion 5 points QUESTION 9 1. Which of the following is NOT a common rationalization of fraud perpetrators? 2. a . No one will care. b . I'm only borrowing the money. c . No one will get hurt. d . The organization owes me. 5 points QUESTION 10 1. An effective accounting system is designed to provide which of the following to help discover fraud? 2. a . Set of accounting procedures b . Set of controls

c . An audit trail d . Matching of expenses to revenues 5 points QUESTION 11 1. Which of the following observations concerning occupational fraud is NOT true? 2. a . It is clandestine. b . It usually involves two or more employees. c . It is committed for the purpose of direct or indirect financial benefit to the employee. d . It costs the employing organization assets, revenues, or reserves. 5 points QUESTION 12 1. One way that criminal law differs from civil law is that it: 2. a . can have a jury of fewer than 12 persons. b . must yield a unanimous verdict. c . provides remedies for violations of private rights. d . allows for various claims in one action. 5 points QUESTION 13 1. To be successful, plaintiffs in civil cases must prove their case by which of the following? 2. a . To a degree of reasonable mitigation b . To the standard of prima facie c . Beyond a reasonable doubt d . By the preponderance of the evidence

5 points QUESTION 14 1. The study conducted by the Association of Certified Fraud Examiners in 2016 estimated that organizations lose _____ percent of their annual revenues to fraud. 2. a . 23 b . 8 c . 17 d . 5 5 points QUESTION 15 1. Customer fraud includes all of the following EXCEPT: 2. a . not paying for goods purchased. b . receiving improper payments through collusion between buyers and vendors. c . getting something for nothing. d . deceiving the organization into giving the customer something that it should not. 5 points QUESTION 16 1. In fraud prosecution cases, ______ matter consists of the underlying data and all corroborating information available. 2. a . supplemental b . remedial c . evidential d . elementary 5 points QUESTION 17

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1. Which of the following entails an insider who has material inside information purchasing or selling the company’s securities through insider deals directly or through an exchange? 2. a . Securities fraud b . Bank fraud c . Management (financial statement) frauds d . Ponzi schemes 5 points QUESTION 18 1. Which of the following is the most common type of occupational fraud? 2. a . Employee embezzlement b . Mail fraud c . Investment fraud d . Management fraud 5 points QUESTION 19 1. Government agencies such as the FBI, FDIC, IRS, or various health agencies publish fraud statistics from time to time. Which of the following observations concerning such statistics is true? 2. a . They usually provide a total picture in the areas for which they have responsibility. b . Such information is rarely used. c . They provide only those statistics related to their jurisdiction. d . Generally, their statistics are complete. 5 points QUESTION 20 1. The elements of fraud include all of the following EXCEPT:

2. a . the misrepresentation is known to the victim. b . the misrepresentation is intentional. c . the victim must sustain damages. d . a material point is misrepresented.

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