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:

Question 1

Which statement best distinguishes a defined benefit pension plan from a defined contribution pension plan?

A. A defined contribution plan eliminates investment and longevity risk for the member.
B. A defined benefit plan generally provides a formula-based pension benefit.
C. A defined contribution plan guarantees the final lifetime pension amount.
D. A defined benefit plan has no employer involvement.

Question 2

Priya grants her brother trading authority over her non-registered investment account. Her brother calls the financial planner and asks for Priya's full net worth statement, tax return, and beneficiary information so he can "help with planning." What should the planner do?

A. Decline the request unless Priya gives specific authorization for that information.
B. Provide all information because trading authority gives full access.
C. Provide only the investment account value and refuse everything else.
D. Disclose the information after confirming the brother's date of birth.

Question 3

Chris is a self-employed contractor discussing his retirement plans with his financial planner, Joseph. Chris is considering incorporating his business and drawing funds from his corporation to fund his retirement income, yet he wants to ensure it does not impact his business's financial position. What advice should Joseph give to Chris?

A. Speak with a lawyer to review the impact of incorporating.
B. Consult an online service that helps individuals incorporate.
C. Inform Chris of the impacts of incorporating and recommend any changes he feels are appropriate.
D. Speak with an accountant to review the impact of incorporating.

Question 4

A client's portfolio target is 50% equities and 50% fixed income. After a strong equity market, the portfolio is now 68% equities. The client's circumstances and objectives have not changed. What should the planner recommend?

A. Increase equities because recent performance confirms the trend.
B. Move all investments to cash.
C. Stop reviewing the portfolio until retirement.
D. Rebalance toward the target allocation.

Question 5

A client believes that security prices quickly reflect public information and wants broad Canadian equity exposure with low cost and minimal manager discretion. What investment best matches this view?

A. Sector-specific hedge fund.
B. One-year cashable GIC.
C. Canadian index exchange-traded fund.
D. Portfolio of five selected mining stocks.

Solutions: