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

1. A planner establishes a long-term target portfolio of 65% equities and 35% fixed income based on the client's objectives and constraints, with periodic rebalancing. Which allocation approach is being used?

A) Speculative allocation.
B) Tactical asset allocation.
C) Strategic asset allocation.
D) Market timing.

2. Bellamy, a registrant, recently prepared a financial plan for Stewart. As part of the plan, he recommended an asset allocation mutual fund that aligns with Stewart's Know Your Client and suitability. Stewart trusts Bellamy, accepts his recommendations, and is ready to provide purchase instructions. What next step should Bellamy complete in order to implement the strategy?

A) Distribute the simplified prospectus and annual report relevant to the recommended fund.
B) Place a buy order for the mutual fund on his workstation.
C) Advise Stewart of his licensing category, provinces and territories of registration, as well as dealer name.
D) Provide Stewart with the fund facts document relevant to the recommended fund.

3. Richard pays periodic spousal support and child support under a written separation agreement. Which statement is generally correct?

A) Child support is taxable to the recipient if paid monthly.
B) Spousal support is never relevant for tax planning.
C) Both spousal and child support are always deductible to Richard.
D) Qualifying periodic spousal support may be deductible to Richard and taxable to the recipient, while child support is generally neither deductible nor taxable.

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

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

Solutions: