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

Question 1

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 cost of premiums is lower than whole life.
D. The term policy has a cash value, which can be borrowed against.

Question 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. 5.71%.
B. 7.67%.
C. 5.64%.
D. 6.36%.

Question 3

A client borrows $100,000 to invest in a non-registered portfolio expected to generate interest and dividend income. What tax principle is most relevant?

A. Interest deductibility applies only to TFSA contributions.
B. The investment income becomes tax-free because leverage is used.
C. Loan interest is never deductible for individuals.
D. Interest on borrowed money may be deductible when the funds are used to earn income from property.

Question 4

Justis, age 62, and his wife Jen, age 58, are meeting with their financial planner, Luke. They are both planning to retire by age 65. Their goals are to minimize debt and reduce taxes. The couple's financial situation is outlined below.

Justis' annual income is $25,000. He has a $15,000 RRSP, $30,000 single non-registered account and a
$25,000 TFSA. Jen's annual income is $60,000, and she has a $150,000 RRSP, $50,000 single non-registered account and a $20,000 TFSA.
Jen's marginal tax rate is 35%, and Justis' is 25%. Assuming all investments are making interest income of
10%, what would be the most appropriate strategy for Luke to recommend for the couple?

A. Use Justis's RRSP to pay off all liabilities.
B. Use Justis's non-registered funds to pay off all liabilities.
C. Use Jen's RRSP to pay all liabilities.
D. Use Jen's non-registered funds to pay all liabilities.

Question 5

Priya grants her brother trading authority over her non-registered investment account. Her brother calls the financial planner and asks for Priya's full net worth statement, tax return, and beneficiary information so he can "help with planning." What should the planner do?

A. Provide only the investment account value and refuse everything else.
B. Disclose the information after confirming the brother's date of birth.
C. Provide all information because trading authority gives full access.
D. Decline the request unless Priya gives specific authorization for that information.

Solutions: