The First Step to Uncovering Revenue Fraud Is To

question 37

Multiple Choice

The first step to uncovering revenue fraud is to:

• A) determine how each transaction could be misstated.
• B) evaluate the efficiency of the management.
• C) analyze and diagram the various transactions between an organization and its customers.
• D) identify scheme-specific symptoms and proactively search for more fraud.

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Definitions:

Social Security Credit

Based on total wages and self-employment income during the year; the amount of earnings it takes to earn a credit changes each year; in 2009, a person had to earn $1,090 in covered earnings to get one credit; people born after 1929 need 40 credits in their lifetime to qualify for Social Security benefits.

Earnings

The amount of profit that a company produces during a specific period, indicating the financial performance.

401k Plan

A retirement savings plan offered by many American employers, allowing employees to save and invest a piece of their paycheck before taxes.

Employer's Contribution

Money that an employer adds to an employee's benefits, such as a retirement plan or health insurance.