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

1. Tom has two children from a previous marriage. He has been paying $1,000 per month for spousal support and $1,500 per month for child support to his ex-wife. Recently, his ex-wife was awarded increased child support payments from Tom to cover unanticipated university expenses for one of the children. What should Tom's financial planner advise him about how this increased monthly payment may impact his finances?

A) Net cash flow will be reduced equal to the amount of the extra child support payments, less the tax deduction.
B) The increased amount Tom pays in child support will result in a larger tax credit at the end of the year.
C) The tuition tax credit for his child's post-secondary education will be applied towards Tom's taxes.
D) Net cash flow will be reduced equal to the full amount of the extra child support payments.

2. Henry, age 48, has been working for Bac Inc, which is a federally regulated corporation, for over eight years.
He is looking to retire at age 50 and has decided to take the commuted value of his pension: $450,000, electing to transfer the eligible remainder to his RRSP (Income Tax Act maximum pension benefit transfer value of $210,000). Henry estimates he would need $1,800 (pre-tax every month) from his registered investments to meet his retirement income goal and is looking to maximize his RRSP contribution room.
Assume no inflation, an average tax rate of 15%, an unused RRSP contribution room of $90,000, and a life expectancy to age 90. What would be the required rate of return to meet Henry's goals?

A) 10,09%.
B) 6,71%.
C) 3,71%.
D) 14,35%.

3. A client says, "I want to retire comfortably as soon as possible." Which response best reflects the financial planning process?

A) Ask the client to select a retirement mutual fund.
B) Translate the statement into measurable goals, assumptions, and time frames.
C) Ignore the statement until the client reaches age 60.
D) Recommend a higher-return portfolio immediately.

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

5. Ram Patel, age 65, is meeting with his financial planner, Maria Romano, to complete a financial plan. Ram is retiring this year, and his company provides a defined benefit pension plan. Upon retirement, he has the choice of receiving $20,000 each year for 20 years or until death (whichever is earlier), or he can take
$304,300, which is the commuted value at retirement. Ram has confirmed that he will be transferring the commuted value to a LIRA. After further discovery, Maria suggests that they utilize a 5% market rate of return and project the funds to last 25 years. What should Maria update Ram's projected annual retirement income to?

A) $21,591.
B) $21,000.
C) $20,000.
D) $24,418.

Solutions: