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

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

2. Sheeba is a financial planner and meeting with Ivana, a new client. She explains that part of her process is to recommend products and services, but prior to doing so, she will closely investigate the options to ensure they match up with Ivana's goals. Which professional responsibility has Sheeba demonstrated to Ivana?

A) Integrity.
B) Diligence.
C) Professionalism.
D) Objectivity.

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

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

4. Which assets will flow through an estate?

A) Assets held in an inter vivos trust.
B) Business assets covered by a buy-sell agreement.
C) Assets which the owners are registered as tenancy in common.
D) Assets which the owners are registered as joint tenants with rights of survivorship.

5. Mary, an accredited financial planner, recently met with clients Michael and Radha. They are high- net-worth clients who are in their mid-40s. Michael is a heavy equipment operator at a local oil field, and Radha is a homemaker. They are ready to retire in 10 years and very excited to start planning for the next chapter in their lives. Mary explained her planning process, her accreditation, and her remuneration. When Mary presented the client agreement letter, both clients were surprised. They said they did not know why they would sign a letter to get advice on their own finances. How should Mary answer their question?

A) The client agreement letter is a non-legally binding contract that outlines the business relationship between the clients and the financial institution.
B) The client agreement letter outlines the overall investment strategy that is being recommended by Mary to Michael and Radha.
C) The client agreement outlines the specific financial planning strategies that will be implemented to help both Michael and Radha achieve their financial goals.
D) The client agreement letter sets expectation for the partnership between, the client, the financial planner and their partners.

Solutions: