CSI AFP-Exam-1

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

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

2. Bruna is a senior financial planner. At 4 p.m. on Friday afternoon (an hour before closing), her manager asks her to complete the following:
Fix a mutual fund trade that was entered incorrectly by a junior financial planner.
Call her client to advise him that his account is overdrawn, and the bank will refuse recent payments unless he credits the account before 5 p.m.
Bruna determines she can only complete one of the two tasks before the end of the business day. How should Bruna address her supervisor's request?

A) Bruna should prioritize the client with the overdrawn account since he is one of her clients. She should then reverse the incorrect trade the following business day.
B) Bruna should let the client's payments bounce since the client is unable to manage his cash flow and Bruna should prioritize correcting the trade.
C) Stay after hours until she completes both tasks.
D) Ask the manager which of the two problems should be prioritized. Then ask the manager to delegate the other task to a colleague.

3. 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) $20,000.
C) $24,418.
D) $21,000.

4. Demario, age 28, has just started his own law firm. He met with his financial planner, Ivy, and she told him that he needs insurance, but Ivy did not specify which type. Demario is single and owns his own home. At this point in his career, his greatest asset is his human capital. Which type of insurance should Ivy have specified to purchase in order for Demario to best protect this asset?

A) Disability.
B) Term Life.
C) Critical Illness.
D) Extended health care.

5. Chris is a self-employed contractor discussing his retirement plans with his financial planner, Joseph. Chris is considering incorporating his business and drawing funds from his corporation to fund his retirement income, yet he wants to ensure it does not impact his business's financial position. What advice should Joseph give to Chris?

A) Speak with a lawyer to review the impact of incorporating.
B) Inform Chris of the impacts of incorporating and recommend any changes he feels are appropriate.
C) Consult an online service that helps individuals incorporate.
D) Speak with an accountant to review the impact of incorporating.

Solutions: