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

2. Clara invested $150,000 with Roper Counsel, a member of CIRO. Her portfolio consists entirely of Canadian mutual funds. Roper Counsel recently became insolvent and declared bankruptcy. Where can Clara seek help to recover her financial losses due to this event?

A) Assuris.
B) Office of the Superintendent of Financial Institutions.
C) Canadian Investor Protection Fund.
D) MFDA Investor Protection Corporation.

3. Sarah Jones is an incorporated owner of a successful manufacturing company. She currently has a large month to month cash flow surplus. This is expected to continue until she retires in seven years. Her personal mortgage is up for renewal. She needs to borrow $50,000 so that she can replace a piece of equipment that is needed in the manufacturing process. She would like a solution that results in paying the lowest interest cost over the life of the loan. Which loan product should the financial planner recommend to Sarah? Assume monthly compounding for all products and no pre-payment options.

A) Home equity line of credit with an interest rate of 3.75% and a 7-year interest-only payment with an end-of-term balloon payment.
B) Secured corporate loan with an interest rate of 5.25% and a 5-year amortization period.
C) Refinanced personal mortgage with an interest rate of 1.35% and a 25-year amortization period.
D) Corporate mortgage with an interest rate of 2.25% and a 25-year amortization period.

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

5. Jonathan owns a medium size consulting firm and earns an average annual income of $150,000. He is reviewing his retirement plan with his financial planner. Jonathan asked his planner about retirement compensation arrangement and how this may benefit him. What should his financial planner tell him?

A) It reduces RRSP contribution room but is exempt from regulatory limits.
B) It is exempt from regulatory limits and withdrawals are tax-exempt for the executive.
C) It results in a pension adjustment and withdrawals are tax-exempt for the recipient.
D) It leaves RRSP contribution room unaffected and is exempt from regulatory limits.

Solutions: