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Which of the following institutions would be regulated by the Office of the Comptroller of the Currency (OCC)?
A. Regency Bank Holding Company
B. Regency Federal Credit Union
C. Regency National Bank
D. Regency Savings and Loan
Which section of the statement of cash flows includes items that represent the cash inflows and outflows related to the daily functions of a company?
A. Cash flow from financing activities
B. Cash flow from investing activities
C. Change in cash balance
D. Cash flow from operating activities
A disclaimer opinion is required on a set of financial statements when:
A. material deviations from GAAP occur.
B. the auditor is not independent.
C. the financial statements may be misleading.
D. the financial statements are fairly stated.
The Sarbanes-Oxley Act of 2002 requires that a public company’s financial statements be certified by the company’s:
A. chief financial officer and corporate secretary.
B. chief financial officer and corporate controller.
C. chief financial officer and chief executive officer.
D. chief financial officer and chief operating officer.
What type of tax does a multinational auto manufacturer commonly pay in foreign countries at each stage of a vehicle’s production?
A. Withholding tax
B. Capital tax
C. Value added tax
D. Asset tax
In order to reduce the premiums paid to insurance companies, a company should consider retaining or self insuring for:
A. small or low severity losses.
B. high severity losses.
C. only property losses but no liability losses.
D. directors and officers liability losses.
Evaluating the liquidity needs of an organization is a function of:
A. long-term investment yield forecasting.
B. long-term cash flow forecasting.
C. short-term investment yield forecasting.
D. short-term cash flow forecasting.
Which of the following objectives of treasury management refers to a company’s ability to meet current and future financial obligations in a timely, efficient, and cost-effective manner?
A. Establishing access to short-term financing
B. Maintaining liquidity
C. Optimizing cash resources
D. Managing risk
All of the following bank products and services can simplify the preparation of the daily cash position EXCEPT:
A. ACH concentration.
B. balance reporting.
C. account analysis.
D. controlled disbursement.
A company seeking an insured investment would avoid investing surplus cash in a:
A. commercial bank.
B. credit union.
C. mutual fund.
D. savings and loan.
Which of the following is a regulation that is having a major impact on the treasury profession?
A. Gramm-Leach-Bliley Act
B. Monetary Control Act
C. Patriot Act
D. Glass-Steagall Act
A multinational company that uses “notional pooling” for its euro zone subsidiaries will realize which of the following advantages?
A. Enhanced accounting for transactions since funds are transferred into one account
B. Mobilization of cash resources and thus economies of scale in making transfers
C. Subsidiary cash balances are netted each day to calculate interest, but funds are not transferred
D. An expanded number of euro zone banks in order to facilitate better service to transfer funds
In a large company, the financial planning function typically falls directly under the responsibility of the:
C. chief executive officer.
D. chief internal auditor.
A utility company is evaluating whether or not it should build a new plant. The process of reviewing the quantitative and qualitative factors are an example of which finance function?
A. Capital budgeting
C. Financial planning
D. Financial risk management
Which of the following is NOT a component of the operating cycle?
A. Determining stale inventory
B. Acquiring materials or resources
C. Selling goods or services
D. Collecting payment
At the time of the initial debt contract, the only way debt holders can protect their interests effectively is to establish certain provisions or covenants designed to:
A. reduce issuer refinancing options that could result in their bonds being called.
B. eliminate all events that could result in a default.
C. make it difficult for management to engage in actions that reduce the bond’s value.
D. give debt holders a guarantee of full principal payment in the event of default.
What is the MOST appropriate definition of working capital?
A. Current liabilities plus equity
B. Current assets plus equity
C. Current assets minus current liabilities
D. Current assets minus fixed assets
The MICR encoding on a check provides all of the following information EXCEPT:
A. the Fed district of the drawee bank.
B. the payor's bank account number.
C. the payee bank's institutional identification number.
D. the dollar amount of the check.
A company's lockbox bank, which processes 24 hours per day, has a 6:00 P.M. ledger credit cutoff and grants same-day availability on checks drawn on Bank B that are received by 10:00 P.M. Which of the following ledger and collected credit postings would result from a Bank B check received at 11:00 P.M. on Tuesday?
A. Ledger credit Tuesday, collected credit Wednesday
B. Ledger credit Tuesday, collected credit Thursday
C. Ledger credit Wednesday, collected credit Wednesday
D. Ledger credit Wednesday, collected credit Thursday
A short-term bank line with $20 million of unused capacity and an investment in an overnight money market fund are both forms of which liquidity requirement?
A U.S. company is selling product for US$10,000 to a Canadian company with payment in Canadian dollars. The exchange rate has been booked at C$1.45/US $1 for payment upondelivery in 15 days. The Canadian dollar is forecasted to weaken within this period. This is an example of A.
A. forward transaction at a premium.
B. forward transaction at a discount.
C. spot transaction at a premium.
D. spot transaction at a discount.
An airline has entered into an agreement with its partners to offset receivables and payables for a specified period of time and to transmit or receive the difference via funds transfer at the end of the period. This is an example of:
A. a barter agreement.
B. an inter-company loan.
C. trade credit.
D. a net settlement system.
Traditionally the primary source of operating risk in the area of external theft or malfeasance has been related to:
A. the disposition of excess inventories.
B. the sale of idle or obsolete fixed assets.
C. the payment of false invoices or check fraud.
D. the receipt of unrecorded customer payments.
Since the inception of ABC Company's pension plan, 1,500 employees qualified and were paid pensions of $500 million after retirement, of which 700 employees were those who earned $110,000 or more and received $200 million in pension benefits. When the company filed for bankruptcy in 2010, the IRS claimed back taxes from the company stating that the pension plan was not qualified under ERISA. On what basis was the IRS MOST LIKELY making its claim?
A. Adequate funds were not available to meet the plan's obligations.
B. Pension benefits were not safeguarded when the pension plan was terminated.
C. The company failed to remit its PBGC premiums.
D. The plan did not meet the minimum coverage requirements.
XYZ Company has decided to transition the responsibility for its hedging activities from the local offices to the head office; however, the local offices will continue to choose their own depository banks. Under the new structure, XYZ’s treasury operations will be:
D. shared service center.
Which of the following would MOST directly affect a company’s dividend policy?
A. Cost of capital
B. The clientele effect
C. A loan covenant
D. Stock price
A company is considering issuing debt in a market environment in which there is a larger than normal spread between high- and low-risk investments. Among several factors, what are the concerns regarding investor behavior that the treasurer will MOST need to consider?
A. Matching maturity
B. Availability of collateral
C. Capital structure
D. Flight to quality
Which of the following is LEAST important when a cash manager determines a company's short-term cash position?
A. Receipts and disbursements forecasts
B. Pro forma financial statements
C. Payments of dividends
D. Disbursement clearing patterns
All of the following are typical uses of a zero balance account EXCEPT:
B. dividend payments.
C. trade accounts payable.
D. overnight investments.
An L/C in favor of a U.S. exporter is issued by a bank in an emerging-market country, and it is confirmed by the exporter’s bank. What risk is reduced for the U.S. exporter?
A. Credit risk
B. Currency risk
C. Re-investment risk
D. Valuation risk
Improvements to the cash flow timeline from a selling company’s perspective would include:
A. decreasing disbursement float.
B. decreasing collection float.
C. increasing mail float.
D. increasing invoice float.
Which of the following is a type of borrowing between a company and a lender in which the paperwork connected with it is used to simplify the lending process?
A. Trade credit
B. Master note
D. Commercial paper
A globally diversified manufacturing company can manage its liquidity more effectively by:
A. pooling cash of subsidiaries.
B. centralizing bank accounts.
C. reducing its international bank network.
D. using repatriation strategies.
A multidivisional domestic company with centralized treasury decision-making can potentially utilize intra-company lending to:
A. reduce the overall liquidity of the company.
B. establish individual subsidiary borrowing facilities.
C. source debt in different currencies.
D. lower the overall cost of short term funds.
A farmer who plans to sell his/her corn crop in three months would benefit MOST from which of the following?
A. A long futures contract and falling prices
B. A long futures contract and steady prices
C. A short futures contract and rising prices
D. A short futures contract and falling prices
Which of the following is true about disbursement ZBAs?
A. Their funding requirements are known early in the day.
B. They are funded by intra-bank transfer.
C. They are pre-funded from a master account.
D. They are not recommended in a decentralized environment.
Company ABC decides to outsource certain activities to an unrelated company and have that company assume the associated loss exposures. What loss control technique is Company ABC using?
A. Control of isolated losses
B. Risk retention group
C. Separation of exposures
D. Contractual transfer
What is the MOST appropriate financial plan when a corporation wishes to establish its overall goals and objectives over a period of time?
A. Risk plan
B. Strategic plan
C. Operating plan
D. Financing plan
Which of the following techniques would MOST accurately predict a company's daily cash position?
A. Receipts and disbursements forecasting
B. Moving averages
C. Net income averaging
D. Capital budgeting
Financial ratios may provide an inaccurate forecast of a company's performance because they are:
A. difficult to incorporate into statistical forecasting.
B. economic rather than accounting values.
C. sensitive to seasonal cash flows.
D. based on snapshots of the company's activity.
One reason for charging management fees to subsidiaries is to:
A. justify to local governments the flow of funds to the parent company.
B. mitigate shareholder concerns about the large investments needed for overseas ventures.
C. minimize the impact of call provisions generally associated with overseas investing.
D. help reduce the variability of parent and subsidiary future cash flow.
Companies in the U.S. with a nationwide over-the-counter/field bank collection and concentration system often deal with:
A. few small financial institutions.
B. one major banking institution with branch offices at all locations.
C. many small financial institutions.
D. one major bank with corresponding relationships.
Determining that payments are made to vendors and suppliers based on credit terms is the responsibility of:
A. the risk manager.
B. the accounts receivable manager.
C. the accounts payable manager.
D. the cash manager.
A company that has facilities in different states and wants to control funding and facilitate check cashing would use which of the following?
A. Bank cashier's checks
B. Multiple drawee checks
C. Controlled disbursements
D. Staggered funding
ABC Company, a U.S. company, has an overseas customer, XYZ Inc., who wants to purchase $3.1 million of equipment from ABC Co. XYZ Inc. wants to structure payment by paying 10% at time of order, 40% at time of shipment and the remaining 50% at time of receipt of the equipment. The last time XYZ Inc. purchased equipment from ABC Co. they never paid the final 50%, claiming the equipment did not work properly. Which of the following can ABC Co. use for this transaction to guarantee payment?
A. Installment credit
B. Documentary collection
C. Performance guarantee
D. Commercial letter of credit
A wholesale lockbox system does which of the following?
A. Relies on high speed automation
B. Provides information about invoices
C. Processes small dollar remittances
D. Requires standard scannable documents
A cash manager is responsible for a small subsidiary that has significant funds but only writes one check per month. Which of the following types of accounts would the cash manager use for this subsidiary?
B. Demand deposit
D. Money Market Deposit Account
ABC Company offers trade terms of 2/10 NET 30. For several reasons, ABC has decided to eliminate the requirement for a letter of credit from one of its customers. If ABC puts the customer on open book credit, what is the MOST LIKELY outcome?
A. ABC’s credit rating will suffer.
B. The customer’s working capital has deteriorated.
C. ABC’s working capital is unchanged.
D. The customer’s cost of borrowing will increase.
Company ABC has recently started to experience a significant reduction in funds availability. Which of the following is MOST LIKELY to reduce funds availability?
A. Ledger balances have increased.
B. Company negotiated a later availability schedule.
C. Company no longer pre-encodes its checks for deposit.
D. Deposits are arriving at bank later, but prior to cutoff time.
Which of the following is the appropriate strategy to use for an active portfolio manager who is faced with an upward sloping yield curve?
A. Purchase a security and hold to maturity
B. Purchase a security and sell before maturity
C. Purchase a security maturing before the funds are needed
D. Purchase a security maturing when the funds are needed
If ¥120.14 = U.S.$1.00 and € .7564 = U.S.$1.00, how many ¥ = €1.00?
A major toy retailer operates 65 stores throughout the Midwest. Which of the following collection methods is MOST LIKELY to be used by this company?
A. Field deposit
B. Preauthorized debit
C. Direct deposit
D. Wholesale lockbox
A manufacturing company has no liquidity and needs to purchase additional inventory in 60 days. Which of the following would have helped the company plan for this situation?
A. A capital budget
B. A short term forecast
C. A medium term forecast
D. A long term forecast
In cash forecasting, which of the following is a certain cash flow?
A. New product sales
B. Interest payments on long-term debt
C. Insurance claims pending settlement
D. Vendor check-clearing patterns
When a foreign subsidiary pays a dividend to its parent company the transfer of funds may be subject to:
A. turnover tax.
B. lifting fees.
C. capital tax.
D. netting fees.
The MOST important tool the Federal Reserve Board has for influencing the amount of reserves in the banking system is:
A. meetings of the Reserve Board of Governors.
B. open market operations by the New York Federal Reserve.
C. term limits for the Federal Reserve Governors.
D. accepting tax payments on behalf of the IRS.
Which two of the following are methods for concentrating weekend deposits in a field deposit system?1.Using a wire transfer for the funds on Monday2.Anticipating deposits and initiating an ACH on Friday3.Initiating an ACH cash concentration transaction on Thursday4.Using a multibank lockbox network
A. 1 and 2
B. 1 and 3
C. 2 and 3
D. 2 and 4
Compared to a letter of credit, a documentary collection is:
A. less costly and offers less protection.
B. less costly and offers more protection.
C. more costly and offers less protection.
D. more costly and offers more protection.
ABC Company has recently moved away from paper-based invoicing systems and has begun implementing e-commerce solutions. Realizing that its e-commerce implementation may have a negative impact on the float of its trading partners, ABC can do which of the following to help address this concern?
A. Change the payment discount terms for the trading partners.
B. Allow the trading partners to use the company's e-commerce solution.
C. Negotiate larger order quantities from the trading partners.
D. Agree to a uniform data transfer protocol for all trading partners.
Multinational corporations repatriate funds from foreign operations through which of the following?
A. Dividends and management fees
B. Reinvoicing and factoring
C. Multilateral netting system
D. Letters of credit and documentary collections
Financial statement preparation guidelines are provided by:
Which of the following is an example of a typical passive investment strategy?
A. Riding the yield curve
B. Using a dividend capture program
C. Investing in overnight repos
D. Executing a securities swap
Banks offer image exchange as a means to accelerate deposits for their customers. If a customer seeks to take advantage of this service, what should the customer implement?
A. Check conversion
B. Re-presented check entry
C. Remote deposit
D. Time drafts
The USA Patriot Act has added significant amounts of overhead to financial transaction processing organizations to prevent money laundering. If an organization does NOT comply with the terms of this act, what external risk is it exposed to?
Which of the following methods of compensation is NOT used by banks in the United States?
A. Account service fees
B. Value dating
C. Wire charges
D. Check clearing charges
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