IIA-CFSA

IIA-CFSA practice questions, page 20 of 21, with answer review and explanations.

Question 96

A bank may serve as ___________ for a company’s employee benefit and retirement plans.

  1. Administrator or agent
  2. Trustee or co-trustee
  3. Custodian or depository
  4. All of these

Question 97

Which one of the following is/are NOT the type of retirement plans that banks may administer?

  1. Pension plans
  2. Self-employed retirements trust
  3. Group retirement accounts
  4. Post-requirement accounts

Question 98

Bank may serve as trustee or custodian for pension and profit sharing plans that self- employed individuals establish for them selves and their employees. These types of trust are referred to as:

  1. Defined benefit plans
  2. Keogh plans
  3. Individual retirement account
  4. None of these

Question 99

Which one of the following activities is not related to the trust committee activities that should be reviewed?

  1. Whether regular meetings are held and documented by meeting minutes
  2. Whether the trust committee contains at least one member who is not a bank officer
  3. Whether there is adequate oversight of the trust committee’s activities by board of directors
  4. None of these

Question 100

When the maturity date of the annuity arrives, the insurer begins making a series of payment to the annuitant over a stated period (Known as__________).

  1. Accumulation period
  2. Lump-sum payment period
  3. Payment release period
  4. Pay-out period