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

1. Sarah Jones is an incorporated owner of a successful manufacturing company. She currently has a large month to month cash flow surplus. This is expected to continue until she retires in seven years. Her personal mortgage is up for renewal. She needs to borrow $50,000 so that she can replace a piece of equipment that is needed in the manufacturing process. She would like a solution that results in paying the lowest interest cost over the life of the loan. Which loan product should the financial planner recommend to Sarah? Assume monthly compounding for all products and no pre-payment options.

A) Secured corporate loan with an interest rate of 5.25% and a 5-year amortization period.
B) Corporate mortgage with an interest rate of 2.25% and a 25-year amortization period.
C) Home equity line of credit with an interest rate of 3.75% and a 7-year interest-only payment with an end-of-term balloon payment.
D) Refinanced personal mortgage with an interest rate of 1.35% and a 25-year amortization period.

2. A client wants a policy that pays a lump sum if she is diagnosed with a covered serious illness and survives the required waiting period. Which product matches this need?

A) Disability insurance.
B) Accidental death insurance.
C) Critical illness insurance.
D) Long-term care insurance.

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

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

5. Keitaro, age 42, and Ruth, age 52, are married and have two children - Maximo, age 20, and Hannah, age 16, both from Keitaro's previous marriage. In the event Keitaro dies, he would like to minimize taxes, provide for Ruth for the remainder of her life, and then after her death leave the residual to his children. What estate planning strategy should his financial planner recommend to help Keitaro achieve his goal?

A) Transfer his assets to a testamentary spousal trust through a will and name his children as capital beneficiaries.
B) Transfer his assets to an inter vivos spousal trust through a will and name his children as capital beneficiaries.
C) Transfer his assets to an inter vivos spousal trust through a will and name his children as income and capital beneficiaries.
D) Transfer his assets to a testamentary spousal trust through a will and name his children as income and capital beneficiaries.

Solutions: