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Certified Financial Services Auditor (CFSA) Questions 96–100 (page: 21)

Updated On: 10-Feb-2026
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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

Answer(s): D



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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

Answer(s): C,D



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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

Answer(s): B



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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

Answer(s): D



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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

Answer(s): D



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