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

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CSI AFP-Exam-1 Exam Syllabus Topics:

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

Question 1

Tony, a financial planner, is meeting with his client, Howard, age 42. Howard would like to retire in 15 years.
His retirement goal is to have an annual gross income of $30,000 (in today's dollars). He is currently contributing $2,400 each year to his RRSP which is currently worth $275,000. Assume an average annual inflation rate of 3%, rate of return of 4% for the registered assets and a life expectancy to age 90. What will Tony determine as Howard's current surplus/shortfall at retirement?

A. Shortfall of $20,671.
B. Shortfall of $16,801.
C. Surplus of $16,801.
D. Surplus of $20,671.

Question 2

Richard pays periodic spousal support and child support under a written separation agreement. Which statement is generally correct?

A. Spousal support is never relevant for tax planning.
B. Qualifying periodic spousal support may be deductible to Richard and taxable to the recipient, while child support is generally neither deductible nor taxable.
C. Both spousal and child support are always deductible to Richard.
D. Child support is taxable to the recipient if paid monthly.

Question 3

Barbara, age 50, is meeting with her financial planner, Clark. Barbara has been hired as the Chief Executive Officer of a very successful privately owned business. Her salary will be $200,000 annually, plus a bonus.
Which retirement savings option should Clark recommend for Barbara?

A. A deferred profit-sharing plan.
B. An individual pension plan.
C. A retirement compensation arrangement.
D. A defined benefit plan.

Question 4

Daniel, age 55, plans to continue working for AMG Telecommunications Corporation until he retires at age
60. The company has a defined contribution plan and Daniel is looking for the best option that will allow him to receive the highest guaranteed income throughout his retirement. He is not concerned about leaving an estate and feels that interest rates will be at high levels as he nears retirement. What planning strategy should Daniel's financial planner recommend he implement to achieve this objective?

A. Use the proceeds to purchase a principal-protected note.
B. Transfer proceeds to a LIRA and purchase a target date fund.
C. Use the proceeds to purchase a life annuity.
D. Transfer proceeds to a locked-in RRSP and purchase a laddered GIC.

Question 5

What key question should be answered during the recommending strategies stage of the financial planning process?

A. What are the client's needs and goals?
B. How can the client achieve her goals?
C. Are the client's goals feasible?
D. How and by whom will the planner be compensated?

Solutions: