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

1. Mary, an accredited financial planner, recently met with clients Michael and Radha. They are high- net-worth clients who are in their mid-40s. Michael is a heavy equipment operator at a local oil field, and Radha is a homemaker. They are ready to retire in 10 years and very excited to start planning for the next chapter in their lives. Mary explained her planning process, her accreditation, and her remuneration. When Mary presented the client agreement letter, both clients were surprised. They said they did not know why they would sign a letter to get advice on their own finances. How should Mary answer their question?

A) The client agreement outlines the specific financial planning strategies that will be implemented to help both Michael and Radha achieve their financial goals.
B) The client agreement letter is a non-legally binding contract that outlines the business relationship between the clients and the financial institution.
C) The client agreement letter outlines the overall investment strategy that is being recommended by Mary to Michael and Radha.
D) The client agreement letter sets expectation for the partnership between, the client, the financial planner and their partners.

2. A high-income parent gives $80,000 to a 12-year-old child to invest in a non-registered bond fund. The parent expects the child to report the annual interest income. What rule should the planner identify?

A) The income is always taxed to the child because the account is in the child's name.
B) Attribution rules may tax the interest income back to the parent.
C) Attribution rules apply only when property is transferred to a spouse.
D) The child must contribute the amount to an RRSP.

3. A planner establishes a long-term target portfolio of 65% equities and 35% fixed income based on the client's objectives and constraints, with periodic rebalancing. Which allocation approach is being used?

A) Tactical asset allocation.
B) Strategic asset allocation.
C) Speculative allocation.
D) Market timing.

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) Critical Illness.
C) Term Life.
D) Extended health care.

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

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

Solutions: