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. Which assets will flow through an estate?

A) Assets which the owners are registered as joint tenants with rights of survivorship.
B) Assets which the owners are registered as tenancy in common.
C) Business assets covered by a buy-sell agreement.
D) Assets held in an inter vivos trust.

2. How should Jenny, a financial planner, explain the benefits of a fee for service method of compensation to a prospective client?

A) The planner has no incentive to recommend one product that provides higher compensation over another product with lower compensation.
B) The planner is compensated solely on the performance of the investment portfolio established by the planner for the client.
C) The planner is compensated based on the quality of the financial plan.
D) The planner is able to charge a higher fee based on the complexity of products sold.

3. A client refuses to provide details about debt balances, tax returns, and monthly expenses but asks the planner to confirm whether retirement at age 55 is achievable. What should the planner do?

A) Proceed only with investment recommendations.
B) Explain that the conclusion will be limited or unreliable without the missing information.
C) Use generic assumptions and present the plan as reliable.
D) Estimate the figures secretly from the client's age and income.

4. In order to increase the assets in Rebecca's retirement savings, her financial planner is considering making a number of recommendations. Prior to obtaining her current employment, she withdrew funds from her RRSP under the Lifelong Learning Plan to upgrade her skills. She has four annual installments remaining on her Lifelong Learning Plan withdrawal and a small amount of savings in a TFSA. Rebecca now works as a sales associate in a small clothing store that has a group RRSP program for all employees which matches employee contributions. Which recommendation provides the best long-term impact to grow her retirement savings?

A) Enroll in her company's group RRSP program and start a monthly contribution.
B) Repay the final four annual installments remaining on her Lifelong Learning Plan and start a monthly contribution plan to her RRSP.
C) Transfer her existing TFSA savings to her RRSP and start a monthly contribution plan.
D) While keeping within her risk tolerance, maximize the equity component of her RRSP and TFSA plans in order to achieve significantly better returns over time.

5. A client realizes a $16,000 capital loss on one non-registered investment and a $28,000 capital gain on another non-registered investment in the same year. How should the loss be treated?

A) It becomes a refundable tax credit.
B) It is ignored because losses have no tax value.
C) It is applied against capital gains to reduce the net capital gain.
D) It is deducted directly against employment income.

Solutions: