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

1. Lex's client, Phillip, has signed an agreement to purchase his uncle's business when his uncle retires in five years for $210,000. Phillip has $175,000 today, how should Lex recommend Philip invest his money?

A) Phillip should purchase a 5-year 3.50% annual GIC.
B) Phillip should purchase an equity mutual fund which has had an average return of 6.00% a year for the past five years.
C) Phillip should deposit the funds into a savings account which is currently paying 3.00% per year.
D) Phillip should purchase a 5-year bond with a rate of 3.75%.

2. A higher-income spouse contributes to a spousal RRSP for the lower-income spouse. The lower-income spouse withdraws the contribution amount the following year. What should the planner warn them about?

A) The withdrawal must be taxed as capital gains.
B) The withdrawal is always tax-free.
C) The contribution permanently eliminates all future spousal RRSP room.
D) The withdrawal may attribute back to the contributing spouse.

3. Jaycee has created an investment portfolio for his client, Adam, which is designed to achieve his long-term objectives and is consistent with his risk tolerance and constraints. It also has to be reassessed periodically to ensure that the long-term benchmark mix continues to reflect Adam's circumstances. Which asset allocation strategy is Jaycee utilizing?

A) Integrated.
B) Strategic.
C) Active.
D) Tactical.

4. William and Jennifer are selling their business which qualifies as a Canadian-controlled private corporation.
When the sale is complete at the end of this year, William and Jennifer will each receive $4 million for their common shares which have nominal cost. Jennifer has unused capital losses from previous years. They are meeting with Laurel, their financial planner, to discuss the tax implications of the sale. Based on the information provided, what should Laurel recommend to William and Jennifer so that they are best able to make use of the Lifetime Capital Gains Exemption?

A) They should each claim 100% of the exemption.
B) Only Jennifer should claim 100% of the exemption.
C) They should each claim 50% of the exemption.
D) Only William should claim 100% of the exemption.

5. Barbara, age 50, is meeting with her financial planner, Clark. Barbara has been hired as the Chief Executive Officer of a very successful privately owned business. Her salary will be $200,000 annually, plus a bonus.
Which retirement savings option should Clark recommend for Barbara?

A) An individual pension plan.
B) A retirement compensation arrangement.
C) A deferred profit-sharing plan.
D) A defined benefit plan.

Solutions: