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

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

2. A client sends an email alleging that a mutual fund recommendation was unsuitable because the fund declined sharply after purchase. The client asks for compensation. What is the financial planner's first professional obligation?

A) Delete the email if the account forms were signed correctly.
B) Document the complaint and follow the firm's complaint-handling procedure.
C) Remind the client that all investments can lose money and close the matter.
D) Promise reimbursement to preserve the relationship.

3. Ronny, a successful business owner, established a discretionary family trust earlier this year as a means to split income with his children. Ronny's children are both under the age of five and are both income and capital beneficiaries of the trust. He is concerned that the 21-year rule will result in a significant amount of tax resulting from unrealized capital gains. What strategy would be best if Ronny's goal is to minimize the total amount of tax payable by the trust and/or beneficiaries at the 21-year mark?

A) Turn over the trust portfolio annually and designate any capital gains to beneficiaries.
B) Realize all capital gains at the 21-year mark and leave the capital gains' income taxable to the trust.
C) Realize all capital gains at the 21-year mark and designate this income to the beneficiaries.
D) Revoke the trust just prior to the 21-year mark to avoid paying any capital gains tax to the trust or beneficiaries.

4. John and Jerry's financial planner have recommended they review their budget. What is the primary purpose of the budget?

A) To determine which expenses to reduce or eliminate.
B) To determine the TDS.
C) To understand cash inflows and outflows each year.
D) To create a savings plan.

5. In which life cycle stage would a financial planner identify his client to be if they have a high mortgage balance and an unstable or lower income, and are willing to take on investment risk because of their longer time horizon?

A) Accumulation.
B) Consolidation.
C) Gifting.
D) Financial independence.

Solutions: