FRAUD EXAM
1. Charles Ponzi was
A) A utility infielder for the Braves who was involved in a love triangle with Ted Turner and Jane Fonda
B) The 1930’s fraudster after whom the term “Ponzi Scheme” was named
C) James Browns’ bass player in the 60’s
D) Part of the initial class for “Leadership Cobb”
2. The “Fraud Triangle” is a theorem that attempts to explain why fraud occurs. The three elements are
A) Persistence, Determination and Effort
B) Good, Better and Best
C) Need, Rationale and Opportunity
D) Speed, Quickness and Strength
3. True or False: Segregation of duties is prohibited in about 1/3 of the states.
4. True or False: Having company bank and credit card statements delivered to the office address to the bookkeeper unopened is a valuable control mechanism.
5. There are a number of different types of fraud. Which of the following has the highest average loss?
A) Skimming
B) Embezzlement
C) Financial Statement Fraud
D) Bid Rigging
6. Bernie Madoff was involved in what type of fraud?
A) Bribery and Kickbacks
B) Embezzlement
C) Mortgage Fraud
D) Ponzi Scheme
7. All of the following are “Warning Signs” of employee theft except when the employee
A) Appears to be living above their means
B) Refuses to take scheduled vacation or days off
C) Consistently performs above standard on job assignments
D) Appears to under financial pressure
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Correct answers
1. b
2. c
3. f
4. f
5. c
6. d
7. c
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