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CSI Applied Financial Planning Certification Exam 1 (AFP) Sample Questions:
1. A client sends an email alleging that a mutual fund recommendation was unsuitable because the fund declined sharply after purchase. The client asks for compensation. What is the financial planner's first professional obligation?
A) Delete the email if the account forms were signed correctly.
B) Remind the client that all investments can lose money and close the matter.
C) Document the complaint and follow the firm's complaint-handling procedure.
D) Promise reimbursement to preserve the relationship.
2. Lois is reviewing her client Raj's retirement plan. To stay on track, Raj's TFSA (with a current balance of
$10,000) will need to be worth $42,000 in five years. Raj is able to contribute his annual bonus of $5,000 at the end of each year. For Raj to stay on plan, what rate of return does Lois need to be targeting?
A) 6.36%.
B) 5.71%.
C) 5.64%.
D) 7.67%.
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) Utilize a living will.
B) Appoint someone other than Sunil as her POA for personal care.
C) Utilize her last will and testament.
D) Appoint an alternate POA for personal care.
4. Samantha is meeting with a financial planner for the first time, seeking help with both investing and debt management. She's finding it hard to get ahead because she recently graduated with student debt, started a new career in her field, and is adding credit card debt each month. What recommendation should the financial planner propose?
A) Samantha should review her budget.
B) Samantha should set up automatic RRSP payroll deductions.
C) Samantha should eliminate her credit card and use her debit card for purchases.
D) Samantha should prioritize reducing her student loan debt.
5. Rosa has just learned that her daughter Marissa, age 23, does not intend to return to university. She has been saving for her daughter's education since Marissa was 10 and is concerned there will be a significant tax liability. How should Rosa's financial planner advise her to utilize the funds when she redeems the RESP in order to offset the tax liability?
A) Deposit the full balance into her daughter's RRSP.
B) Deposit the full balance into her own RRSP.
C) Deposit the growth into her daughter's RRSP.
D) Deposit the growth into her own RRSP.
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: A | Question # 3 Answer: A | Question # 4 Answer: A | Question # 5 Answer: D |
By Mandel
