CSI AFP-Exam-1 : Applied Financial Planning Certification Exam 1 (AFP)

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CSI AFP-Exam-1 Exam Syllabus Topics:

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

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

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

2. Jonah is meeting with his client, Muhsina, who owns Myke Inc., a Canadian-controlled private corporation.
Based on current market value, if he decides to sell Myke Inc., Muhsina will have a capital gain of $400.000.
He expects the value of Myke Inc. to increase in future years and has a CNIL balance of $100,000. He wants the future increase in value to be taxed in the hands of his children, Teshi and Kaliyah, and to minimize the cost. What action should Jonah advise Muhsina to take to meet his goal?

A) Sell #### Inc. to his children at fair market value.
B) Sell #### Inc. to his children for $1.
C) Set up a joint account with Teshi.
D) Set up a joint account with Teshi and Kaliyah.

3. Jimi and Macy, both age 26, consider themselves risk averse. After reviewing their budget with their financial planner, they discovered that they have a negative cash flow every couple of months due to their discretionary spending habits. What would be an appropriate strategy for their financial planner to recommend to the couple to manage their negative cash flow?

A) Setup individual personal line of credit and pre-authorized contribution in individual non-registered account.
B) Setup individual TFSA and pre-authorized contribution.
C) Setup joint TFSA and pre-authorized contribution.
D) Setup joint personal line of credit and pre-authorized contribution in a joint non-registered account.

4. Dianna has just taken a 20-year mortgage and wants insurance only to ensure the mortgage can be repaid if she dies during that period. She is considering whole life insurance. What should her planner most likely explain?

A) Term insurance is generally better aligned with a temporary liability.
B) Whole life is always cheaper for temporary mortgage needs.
C) Critical illness insurance replaces life insurance for mortgage protection.
D) No insurance is needed if the mortgage is insured by the lender.

5. Clara invested $150,000 with Roper Counsel, a member of CIRO. Her portfolio consists entirely of Canadian mutual funds. Roper Counsel recently became insolvent and declared bankruptcy. Where can Clara seek help to recover her financial losses due to this event?

A) Assuris.
B) MFDA Investor Protection Corporation.
C) Office of the Superintendent of Financial Institutions.
D) Canadian Investor Protection Fund.

Solutions: