CSI Canadian Securities Course AFP-Exam-1

Simulation test system

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CSI AFP-Exam-1 Exam Syllabus Topics:

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

1. Jaycee has created an investment portfolio for his client, Adam, which is designed to achieve his long-term objectives and is consistent with his risk tolerance and constraints. It also has to be reassessed periodically to ensure that the long-term benchmark mix continues to reflect Adam's circumstances. Which asset allocation strategy is Jaycee utilizing?

A) Tactical.
B) Active.
C) Strategic.
D) Integrated.

2. A business owner completes an estate freeze, taking back preferred shares with a fixed redemption value while children receive common shares. What is a primary risk of this strategy for the owner?

A) No future growth can occur in the corporation.
B) The freeze automatically eliminates all tax at death.
C) The owner's retained preferred shares may not provide adequate income or inflation protection.
D) The children can never benefit from future growth.

3. 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.

4. William and Jennifer are selling their business which qualifies as a Canadian-controlled private corporation.
When the sale is complete at the end of this year, William and Jennifer will each receive $4 million for their common shares which have nominal cost. Jennifer has unused capital losses from previous years. They are meeting with Laurel, their financial planner, to discuss the tax implications of the sale. Based on the information provided, what should Laurel recommend to William and Jennifer so that they are best able to make use of the Lifetime Capital Gains Exemption?

A) Only William should claim 100% of the exemption.
B) They should each claim 50% of the exemption.
C) They should each claim 100% of the exemption.
D) Only Jennifer should claim 100% of the exemption.

5. Bellamy, a registrant, recently prepared a financial plan for Stewart. As part of the plan, he recommended an asset allocation mutual fund that aligns with Stewart's Know Your Client and suitability. Stewart trusts Bellamy, accepts his recommendations, and is ready to provide purchase instructions. What next step should Bellamy complete in order to implement the strategy?

A) Provide Stewart with the fund facts document relevant to the recommended fund.
B) Advise Stewart of his licensing category, provinces and territories of registration, as well as dealer name.
C) Place a buy order for the mutual fund on his workstation.
D) Distribute the simplified prospectus and annual report relevant to the recommended fund.

Solutions: