CQIB -PRACTICE COMPLETE QUESTIONS AND
CORRECT ANSWERS | GRADED AND THE
LATEST SERIES
Q2 - Select the answer that describes Consequentialism:
a) The study of what I should do.
b) It is in favour of universal rules that apply to everyone.
c) The right decision is the one achieving the best outcome with least harm.
d) It is opposed to universal rules.
Ans: c) The right decision is the one achieving the best outcome with least harm.
Question: "Mutually owned co-operative financial institutions offering benefits
to members through a trust-like structure" describes which type of Insurer/Fund
Manager?
a) Trustee Company
b) Cash Management Trust
c) Friendly Society
d) Approved Deposit Fund (ADF)
Ans: c) Friendly Society
Question: Q3 - Confidentiality applies not to only account transactions, but
also to all the information the bank holds about the customer.
,a) True
b) False
Ans: a) True
Question: Q4 - Which of the following is NOT one of the six steps you should
use to ensure you only provide general advice to the customer?
a) Assessing your customers concerns and needs
b) Providing a general advice warning
c) Provide recommendations based on the needs of the client
d) Refer your customer to a specialist
Ans: c) Provide recommendations based on the needs of the client
Question: Q5 - Which is the decision-making process of framing?
a) To make an easy decision, but not necessarily the best possible decision
b) To conclude that the best solution is to make no decision
c) To make a slow, deliberate decision over a fast, intuitive decision
d) To remove the 'noise' from an issue to allow us to see the problem for what it
is
,Ans: d) To remove the 'noise' from an issue to allow us to see the problem for
what it is
Question: Q6 - Under the RG271 what is the maximum timeframes for IDR
response for a Superannuation trustee complaints?
A) 21 days after receiving the complaint
b) 30 days after receiving the complaint
c) 45 days after receiving the complaint
d) 90 days after receiving the complaint
Ans: c) 45 days after receiving the complaint
Question: Q7 - In the second line of defence, the Risk and Control Functions
include:
a) Review and challenge risk management processes
b) Objective assessment and offer assurance
c) Provide guidance and direction
d) (a) and (c)
Ans: d) (a) and (c)
Question: Q8 - "When recording all information about a particular ethical
dilemma, it's essential to critically analyse the value judgements being made by
each person involved as they record their version of events" What step of the
five-step ethical decision model is this statement referring to?
, a) Step Two - Facts
b) Step One - Recognise
c) Step Four - Act.
d) Step Three - Discuss
Ans: b) Step One - Recognise
Question: Q9 - The Australian Prudential Regulation Authority (APRA):
a) Provide regulatory oversight to self-managed superfunds
b) Make and enforce the rules which govern the capital adequacy of Australian
banks
c) Ensures Australian banks meet their financial promises
d) (b) and (c)
Ans: d) (b) and (c)
Question: Q10 - What is a feature or benefit of a Term Deposit?
a) Pays a higher rate of interest with a limited number of withdrawals
b) Access funds using a card at an ATM
c) Terms offered generally range from 30 days to 60 months
d) Only available to people over 55 years of age
CORRECT ANSWERS | GRADED AND THE
LATEST SERIES
Q2 - Select the answer that describes Consequentialism:
a) The study of what I should do.
b) It is in favour of universal rules that apply to everyone.
c) The right decision is the one achieving the best outcome with least harm.
d) It is opposed to universal rules.
Ans: c) The right decision is the one achieving the best outcome with least harm.
Question: "Mutually owned co-operative financial institutions offering benefits
to members through a trust-like structure" describes which type of Insurer/Fund
Manager?
a) Trustee Company
b) Cash Management Trust
c) Friendly Society
d) Approved Deposit Fund (ADF)
Ans: c) Friendly Society
Question: Q3 - Confidentiality applies not to only account transactions, but
also to all the information the bank holds about the customer.
,a) True
b) False
Ans: a) True
Question: Q4 - Which of the following is NOT one of the six steps you should
use to ensure you only provide general advice to the customer?
a) Assessing your customers concerns and needs
b) Providing a general advice warning
c) Provide recommendations based on the needs of the client
d) Refer your customer to a specialist
Ans: c) Provide recommendations based on the needs of the client
Question: Q5 - Which is the decision-making process of framing?
a) To make an easy decision, but not necessarily the best possible decision
b) To conclude that the best solution is to make no decision
c) To make a slow, deliberate decision over a fast, intuitive decision
d) To remove the 'noise' from an issue to allow us to see the problem for what it
is
,Ans: d) To remove the 'noise' from an issue to allow us to see the problem for
what it is
Question: Q6 - Under the RG271 what is the maximum timeframes for IDR
response for a Superannuation trustee complaints?
A) 21 days after receiving the complaint
b) 30 days after receiving the complaint
c) 45 days after receiving the complaint
d) 90 days after receiving the complaint
Ans: c) 45 days after receiving the complaint
Question: Q7 - In the second line of defence, the Risk and Control Functions
include:
a) Review and challenge risk management processes
b) Objective assessment and offer assurance
c) Provide guidance and direction
d) (a) and (c)
Ans: d) (a) and (c)
Question: Q8 - "When recording all information about a particular ethical
dilemma, it's essential to critically analyse the value judgements being made by
each person involved as they record their version of events" What step of the
five-step ethical decision model is this statement referring to?
, a) Step Two - Facts
b) Step One - Recognise
c) Step Four - Act.
d) Step Three - Discuss
Ans: b) Step One - Recognise
Question: Q9 - The Australian Prudential Regulation Authority (APRA):
a) Provide regulatory oversight to self-managed superfunds
b) Make and enforce the rules which govern the capital adequacy of Australian
banks
c) Ensures Australian banks meet their financial promises
d) (b) and (c)
Ans: d) (b) and (c)
Question: Q10 - What is a feature or benefit of a Term Deposit?
a) Pays a higher rate of interest with a limited number of withdrawals
b) Access funds using a card at an ATM
c) Terms offered generally range from 30 days to 60 months
d) Only available to people over 55 years of age
