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CSI AFP-Exam-1 Exam Overview:

CSI AFP-Exam-1 Exam Syllabus Topics:

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

Question 1

Alexis has an index-linked GIC with an adjusted cost base of $20,500. The GIC was issued one year ago, has four years remaining to maturity and provides her with 60% participation in the gains of the S & P/TSX 60 Index, based on the level of the Index at maturity or at redemption prior to maturity. The GIC has a 2% fee if redeemed in the first two years. Alexis notices that the S & P/TSX 60 Index is up 25% and she would like to redeem her GIC. She asked her financial planner if she redeems her GIC, how much she would receive upon redemption. What will her financial planner tell her?

A. She will receive $23,104.
B. She will receive $20,500.
C. She will receive $25,625.
D. She will receive $23,575.

Question 2

Bill was recently declined for a loan application at his financial institution, and he is concerned that a liability has been added to his credit bureau that does not belong to him. He asks his financial planner to review his credit bureau with him to help him identify why he may have been declined. Which area of the credit bureau might his financial planner advise Bill to review?

A. Public record information.
B. Inquiries.
C. Number of previous declines.
D. Account history.

Question 3

A financial planner recently started her new role at the bank and decided to create a checklist when meeting with prospects. She wanted to include one item on the checklist that would allow her to understand her clients' tolerance for risk. What information should she add, that will help her achieve this objective?

A. Qualitative questionnaire.
B. Tax returns.
C. Previous financial plan.
D. Life insurance policy.

Question 4

Keitaro wants his spouse to receive income from his assets for life after his death, but wants the remaining capital to pass to his children from a prior marriage after the spouse dies. Which strategy best fits this objective?

A. Naming the estate as beneficiary of every account without trust provisions.
B. Adding the children as joint owners on all assets immediately.
C. Testamentary spousal trust naming the children as capital beneficiaries.
D. Outright gift of all assets to the spouse.

Question 5

Robert is meeting with his wealth advisor to review options to put a plan in place to save for his children's education. He has a daughter, age seven, and a disabled son, age four Robert would like to maximize his savings towards this goal, ensure the strategy is tax efficient and utilize available grants. Which option is most appropriate for Robert's plan?

A. Set up an education purpose trust account for both beneficiaries with a lump-sum investment
B. Establish a family RESP and start contributions
C. Establish individual RESP for his children
D. Establish a group RESP and start contributions

Solutions: