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

1. A client refuses to provide details about debt balances, tax returns, and monthly expenses but asks the planner to confirm whether retirement at age 55 is achievable. What should the planner do?

A) Proceed only with investment recommendations.
B) Use generic assumptions and present the plan as reliable.
C) Estimate the figures secretly from the client's age and income.
D) Explain that the conclusion will be limited or unreliable without the missing information.

2. Lois is reviewing her client Raj's retirement plan. To stay on track, Raj's TFSA (with a current balance of
$10,000) will need to be worth $42,000 in five years. Raj is able to contribute his annual bonus of $5,000 at the end of each year. For Raj to stay on plan, what rate of return does Lois need to be targeting?

A) 5.64%.
B) 6.36%.
C) 7.67%.
D) 5.71%.

3. Keitaro wants his spouse to receive income from his assets for life after his death, but wants the remaining capital to pass to his children from a prior marriage after the spouse dies. Which strategy best fits this objective?

A) Adding the children as joint owners on all assets immediately.
B) Testamentary spousal trust naming the children as capital beneficiaries.
C) Naming the estate as beneficiary of every account without trust provisions.
D) Outright gift of all assets to the spouse.

4. Derek recently inherited $900,000. He asks his financial planner to invest the entire amount in a concentrated portfolio of junior mining stocks. Derek has never invested before, has two young children, and is still deciding whether to purchase a home. What should the planner do first?

A) Place the trades because Derek has given clear instructions.
B) Refuse to work with Derek because he suggested a speculative portfolio.
C) Invest half immediately and hold half in cash without further discussion.
D) Review Derek's objectives, risk tolerance, risk capacity, time horizon, and liquidity needs.

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

Solutions: