10 exam-style questions with answers and explanations, straight from our 1,030-question bank. Tap an answer to check yourself. When you're ready, take the scored version in the free practice test.
The MAFF exam has 400 questions and runs 5 hours.
These 10 free MAFF questions are organized by exam domain, so you can see how each part of the Master Analyst in Financial Forensics blueprint is tested. Reveal the answer and explanation under each question.
Counsel defending a damages regression tells a federal judge, "The method is accepted, so objections to its application go only to weight." The expert used companies from different markets without establishing comparability. How should the judge respond under Federal Rule of Evidence 702?
Correct answer: D - Require the proponent to show, more likely than not, that the method was reliably applied to these facts.
A retained testifying expert in federal civil litigation receives three communications from counsel: customer sales data that she analyzes but ultimately rejects, a proposed growth assumption that she considers but does not use, and comments about the wording of her draft report. None concerns compensation. Which communication falls within Rule 26(b)(4)(C)'s express exceptions to attorney-expert communication protection?
Correct answer: D - The sales-data communication, because the expert considered the data even though she ultimately rejected them.
A wholesaler proves that a supplier's breach eliminated $480,000 of sales. The canceled orders would have required $288,000 of purchases and sales commissions, all of which were avoided. Allocated rent and salaried staff costs of $72,000 continued unchanged. The wholesaler also earned $30,000 in incremental profit from replacement sales and incurred $12,000 in reasonable mitigation costs not included in that profit. Under a compensatory lost-profit measure, what is the net economic loss before interest and taxes?
Correct answer: C - $174,000
An economic-loss report values a deceased retiree's household services at zero. She had provided care and home maintenance for her spouse; her employed adult son now supplies those services without reducing his paid work. The applicable wrongful-death measure is the reasonable replacement value of lost services. Task logs and evidence supporting the service period are available. A sound replacement-cost model would use:
Correct answer: A - Documented task hours and market replacement rates over the supported household-service period.
A patent owner establishes demand, the absence of acceptable noninfringing substitutes, and the profits it would have earned on sales it could have supplied. Its available capacity could not serve every diverted customer during the infringement period, and no feasible expansion or outsourcing was available. Infringement is established. What damages position is best supported by this evidence?
Correct answer: C - Lost profits on sales it could have made, with a reasonable royalty on the remaining infringing sales.
A mature business is expected to generate $720,000 of after-tax free cash flow to the firm next year, growing at 3% annually thereafter. Its weighted average cost of capital is 12%. Interest-bearing debt has a market value of $2 million. Of its $700,000 cash balance, $300,000 is required for operations and is already reflected in the operating valuation. There are no other nonoperating assets or equity adjustments. Using a perpetual-growth income approach, what is the indicated equity value?
Correct answer: B - $6.4 million
Under a 2025 divorce decree, Morgan must transfer part of a traditional IRA to a former spouse. Morgan is 48, has no IRA basis, and has not withdrawn any funds. The parties want the transfer itself to produce no current federal income tax. Which implementation preserves that treatment?
Correct answer: B - Have the custodian transfer the specified IRA interest directly to the former spouse's IRA under the divorce decree.
Customer confirmations uncover a rolling payment mismatch: North's cleared check was posted to South's overdue invoice; East's later check was posted to North's invoice. One clerk handles both collections and receivables posting. Which mechanism would conceal a cash-receipts shortage this way?
Correct answer: A - Lapping of customer receipts
Payroll is due tomorrow for a corporate Chapter 11 debtor in possession. Its only available funds are proceeds of receivables subject to a lender's valid, continuing lien. The lender has not consented to their use, and no cash-collateral order has been entered. Management wants to pay payroll because it is an ordinary-course expense. What authorization is missing?
Correct answer: C - The lender's consent or a court order authorizing use of the cash collateral.
An authorized examiner arrives to preserve a finance director's laptop. It is powered on and unlocked, its drive is encrypted, and no recovery key is available. The network connection creates a credible remote-wipe risk, but no destructive activity is running locally. The examiner can isolate the device without cutting power and can perform a documented live acquisition. What should happen first?
Correct answer: A - Isolate the network without cutting power, then use a documented live acquisition to preserve volatile data and accessible evidence.
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