CSI Applied Financial Planning Certification Exam 1 (AFP) : AFP-Exam-1

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CSI AFP-Exam-1 Exam Syllabus Topics:

CSI Applied Financial Planning Certification Exam 1 (AFP) Sample Questions:

1. A higher-income spouse contributes to a spousal RRSP for the lower-income spouse. The lower-income spouse withdraws the contribution amount the following year. What should the planner warn them about?

A) The withdrawal must be taxed as capital gains.
B) The withdrawal is always tax-free.
C) The contribution permanently eliminates all future spousal RRSP room.
D) The withdrawal may attribute back to the contributing spouse.

2. Jonathan owns a medium size consulting firm and earns an average annual income of $150,000. He is reviewing his retirement plan with his financial planner. Jonathan asked his planner about retirement compensation arrangement and how this may benefit him. What should his financial planner tell him?

A) It reduces RRSP contribution room but is exempt from regulatory limits.
B) It leaves RRSP contribution room unaffected and is exempt from regulatory limits.
C) It is exempt from regulatory limits and withdrawals are tax-exempt for the executive.
D) It results in a pension adjustment and withdrawals are tax-exempt for the recipient.

3. Sunil and Shashi are married and both age 45. Each is the personal care Power of Attorney (POA) for the other. They have no children. Shashi would like to revise the personal care POA to ensure that it reflects her medical wishes. How should their financial planner advise Shashi to help her achieve her goal?

A) Appoint an alternate POA for personal care.
B) Appoint someone other than Sunil as her POA for personal care.
C) Utilize her last will and testament.
D) Utilize a living will.

4. Dianna is visiting with Karen, her Financial Planner, and is excited to report that she has just bought her dream home. She has also let Karen know she Is meeting with an insurance representative to purchase a whole life insurance to cover her 20-year mortgage. Why might Karen suggest Dianna consider term life insurance instead?

A) The cost of premiums is lower than whole life.
B) The client's health may deteriorate as she gets older.
C) It is better suited for long term insurance needs.
D) The term policy has a cash value, which can be borrowed against.

5. A planner establishes a long-term target portfolio of 65% equities and 35% fixed income based on the client's objectives and constraints, with periodic rebalancing. Which allocation approach is being used?

A) Market timing.
B) Strategic asset allocation.
C) Tactical asset allocation.
D) Speculative allocation.

Solutions: