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

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

1. Demario, age 29, has started his own professional practice. He is single, has a mortgage, and his future earning power is his largest asset. Which insurance should receive priority?

A) Whole life insurance for estate equalization.
B) Disability insurance.
C) Travel medical insurance only.
D) Joint last-to-die life insurance.

2. Keitaro wants his spouse to receive income from his assets for life after his death, but wants the remaining capital to pass to his children from a prior marriage after the spouse dies. Which strategy best fits this objective?

A) Adding the children as joint owners on all assets immediately.
B) Testamentary spousal trust naming the children as capital beneficiaries.
C) Naming the estate as beneficiary of every account without trust provisions.
D) Outright gift of all assets to the spouse.

3. Carla, a financial planner, is meeting with a long-standing client, Jonathan. Jonathan informs Carla that he is upset and disappointed with the negative returns experienced with his investment portfolio. After acknowledging Jonathan's concerns, what should Carla's first step be in addressing his complaint?

A) Remind Jonathan that investing is a long-term process and losses will likely be recovered.
B) Remind Jonathan about the risks associated with investing, as well as the possible volatility and impact on investment returns.
C) Offer alternative investment options in line with Jonathan's risk tolerance.
D) Revisit Jonathan's goals, objectives and risk tolerance with him.

4. Alexander and Irena, age 30 and 32 respectively, are married and have been working full-time for one year.
They have a daughter, age 3, and are expecting their second child. They recently bought a home with a mortgage balance of $390,000 at 4% amortized over 25 years. Their financial planner is trying to determine their tolerance for risk. After completing the life-cycle analysis, how can their financial planner explain the stage in which the couple finds themselves and the risk tolerance associated with it?

A) They are at the consolidation stage where they can tolerate moderate to high level of risk.
B) They are at the gifting stage where their tolerance of risk is low.
C) They are at the accumulation stage where they can tolerate a high level of risk.
D) They are at the financial independence stage where their tolerance of risk is low.

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

Solutions: