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CSI AFP-Exam-1 Exam Syllabus Topics:

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

1. Alexis has an index-linked GIC with an adjusted cost base of $20,500. The GIC was issued one year ago, has four years remaining to maturity and provides her with 60% participation in the gains of the S & P/TSX 60 Index, based on the level of the Index at maturity or at redemption prior to maturity. The GIC has a 2% fee if redeemed in the first two years. Alexis notices that the S & P/TSX 60 Index is up 25% and she would like to redeem her GIC. She asked her financial planner if she redeems her GIC, how much she would receive upon redemption. What will her financial planner tell her?

A) She will receive $20,500.
B) She will receive $25,625.
C) She will receive $23,575.
D) She will receive $23,104.

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

3. A client completed a financial plan two years ago. Since then, she has divorced, changed jobs, and purchased a new home. What is the planner's most appropriate recommendation?

A) Update the file only if the client requests new products.
B) Wait until the original five-year review date.
C) Conduct a comprehensive review of goals, cash flow, insurance, tax, retirement, and estate planning.
D) Review only the investment portfolio because the plan already exists.

4. In which life cycle stage would a financial planner identify his client to be if they have a high mortgage balance and an unstable or lower income, and are willing to take on investment risk because of their longer time horizon?

A) Financial independence.
B) Accumulation.
C) Consolidation.
D) Gifting.

5. Richard reviewed his divorce settlement from his partner Alex with his advisor Maria. He is deciding between providing a lump sum spousal support payment of $60,000 or making monthly payments. If Richard's income is $200,000 and Alex's income is $40,000, what should Maria advise Richard about the tax implications for both Richard and Alex in regard to the lump sum payment?

A) Richard will deduct the payment and pay taxes on the remaining $140,000 of income, and Alex will pay taxes on the lump-sum payment of $60,000.
B) Richard will deduct half of the lump-sum support payment and pay taxes on the remaining $170,000 of income and Alex will claim the other half of the lump-sum support payment in addition to his earned Income of $40,000.
C) Richard will deduct the payment and pay taxes on the remaining $140,000 of income and Alex will pay taxes only on his earned income of $40,000.
D) Richard will pay taxes on the entirety of the $200,000 and Alex will pay taxes only on his earned income of $40,000.

Solutions: