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Free ACFE CFE-Financial-Transactions-and-Fraud-Schemes Practice Exam with Questions & Answers | Set: 2

Questions 11

A running count that records how much inventory should be on hand is referred to:

Options:
A.

Altered inventory

B.

Perpetual inventory

C.

Shrinking inventory

D.

Fictitious inventory

ACFE CFE-Financial-Transactions-and-Fraud-Schemes Premium Access
Questions 12

Which of the following is NOT the reason why senior management will overstate business statement?

Options:
A.

Comply with debit covenants

B.

Meet personal performance criteria

C.

Trigger performance related compensation

D.

Show a pattern of growth to support sale of a business

Questions 13

Bid-rigging scheme occurs when:

Options:
A.

an employee fraudulently assists a vendor in winning a contract through the competitive bidding process.

B.

an employee does not assist a vendor in winning a contract through the competitive bidding process.

C.

an employee once assists a vendor in winning a contract through a single competitive bidding process.

D.

an employee once assists a vendor in winning a contract through a single competitive bidding process.

Questions 14

Delivery has not occurred or services have not been rendered when:

Options:
A.

Until installation and customer testing and acceptance has occurred.

B.

A written order exists but contains a right of return.

C.

Both A & B

D.

Neither A nor B

Questions 15

According to fraud tree, cash has three following schemes:

Options:
A.

Skimming, cash larceny and fraudulent disbursements

B.

Fraud analysis, skimming and cash misappropriations

C.

Cash larceny, cash distribution and fraudulent disbursements

D.

Cash distribution, skimming and fraud analysis

Questions 16

In which of the following process, all bidders are legally supposed to be placed on the same plane of equality, bidding on the same terms and conditions?

Options:
A.

Bid-rigging

B.

Kickbacks

C.

Competitive bidding

D.

Bid solicitation

Questions 17

One reason employees might be hesitant to use PO boxes in shell company schemes is that some businesses are specially vary of sending checks to vendors that have street addresses only.

Options:
A.

True

B.

False

Questions 18

A technique by which checks are numbered using a new technique that is revealed by a colored highlighter pen or by a bright light held behind the check is called:

Options:
A.

Microline numbering

B.

Holographic safety border

C.

Embossed pearlescent numbering

D.

None of the above

Questions 19

The principal way to detect omitted credits from books of account is through:

Options:
A.

Forced Balance

B.

Trend analysis

C.

Expense account

D.

None of all

Questions 20

A process by which several bidders conspire to split contracts up and ensure that each gets a certain amount of work is called:

Options:
A.

Bid opening

B.

Fictitious Bidding

C.

Bid pooling

D.

Bid log

Exam Code: CFE-Financial-Transactions-and-Fraud-Schemes
Certification Provider: ACFE
Exam Name: Certified Fraud Examiner - Financial Transactions and Fraud Schemes Exam
Last Update: Jul 9, 2025
Questions: 186

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