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

1. 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 apply only when property is transferred to a spouse.
C) The child must contribute the amount to an RRSP.
D) Attribution rules may tax the interest income back to the parent.

2. Tom has two children from a previous marriage. He has been paying $1,000 per month for spousal support and $1,500 per month for child support to his ex-wife. Recently, his ex-wife was awarded increased child support payments from Tom to cover unanticipated university expenses for one of the children. What should Tom's financial planner advise him about how this increased monthly payment may impact his finances?

A) Net cash flow will be reduced equal to the full amount of the extra child support payments.
B) Net cash flow will be reduced equal to the amount of the extra child support payments, less the tax deduction.
C) The increased amount Tom pays in child support will result in a larger tax credit at the end of the year.
D) The tuition tax credit for his child's post-secondary education will be applied towards Tom's taxes.

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

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

5. Alexander and Irena, age 30 and 32 respectively, are married and have been working full-time for one year.
They have a daughter, age 3, and are expecting their second child. They recently bought a home with a mortgage balance of $390,000 at 4% amortized over 25 years. Their financial planner is trying to determine their tolerance for risk. After completing the life-cycle analysis, how can their financial planner explain the stage in which the couple finds themselves and the risk tolerance associated with it?

A) They are at the financial independence stage where their tolerance of risk is low.
B) They are at the gifting stage where their tolerance of risk is low.
C) They are at the consolidation stage where they can tolerate moderate to high level of risk.
D) They are at the accumulation stage where they can tolerate a high level of risk.

Solutions: