CSI AFP-Exam-1

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CSI AFP-Exam-1 Exam Syllabus Topics:

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

Question 1

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

Question 2

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

Question 3

A client says she can emotionally tolerate a 30% portfolio decline, but she needs the money in 18 months for a home down payment and has no other savings. What should the planner conclude?

A. Her risk capacity is low despite her stated tolerance.
B. Her high tolerance automatically supports an all-equity portfolio.
C. Her investment experience is the only relevant factor.
D. Her tax bracket determines that equities are required.

Question 4

Mina has $20,000 in a savings account earning 3% before tax. She also has a $9,000 credit card balance at
22%, a $7,000 unsecured line of credit at 10%, and a $14,000 car loan at 4%. Her marginal tax rate is 35%.
Which liability should she target first?

A. No debt; keep all funds in savings.
B. Unsecured line of credit.
C. Car loan.
D. Credit card balance.

Question 5

Which assets will flow through an estate?

A. Assets which the owners are registered as joint tenants with rights of survivorship.
B. Business assets covered by a buy-sell agreement.
C. Assets which the owners are registered as tenancy in common.
D. Assets held in an inter vivos trust.

Solutions: