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AFP CTP Exam Dumps
Certified Treasury Professional
Total Questions : 932
Update Date : September 18, 2023
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AFP CTP Sample Questions
Question # 1A 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.
Question # 2
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.
Question # 3
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.
Question # 4
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.
Question # 5
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:
A. centralized.
B. combined.
C. decentralized.
D. shared service center.
Question # 6
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
Question # 7
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
Question # 8
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
Question # 9
All of the following are typical uses of a zero balance account EXCEPT:
A. payroll.
B. dividend payments.
C. trade accounts payable.
D. overnight investments.
Question # 10
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
Question # 11
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.
Question # 12
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
C. Securitization
D. Commercial paper
Question # 13
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.
Question # 14
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.
Question # 15
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
Question # 16
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.
Question # 17
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
Question # 18
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
Question # 19
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
Question # 20
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.
Question # 21
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.
Question # 22
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.
Question # 23
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.
Question # 24
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
Question # 25
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
Question # 26
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
Question # 27
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?
A. NOW
B. Demand deposit
C. Savings
D. Money Market Deposit Account
Question # 28
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.
Question # 29
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.
Question # 30
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
Question # 31
If ¥120.14 = U.S.$1.00 and € .7564 = U.S.$1.00, how many ¥ = €1.00?
A. ¥.00629
B. ¥90.874
C. ¥120.8964
D. ¥158.831
Question # 32
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
Question # 33
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
Question # 34
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
Question # 35
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.
Question # 36
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.
Question # 37
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
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