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

1. Henry, age 48, has been working for Bac Inc, which is a federally regulated corporation, for over eight years.
He is looking to retire at age 50 and has decided to take the commuted value of his pension: $450,000, electing to transfer the eligible remainder to his RRSP (Income Tax Act maximum pension benefit transfer value of $210,000). Henry estimates he would need $1,800 (pre-tax every month) from his registered investments to meet his retirement income goal and is looking to maximize his RRSP contribution room.
Assume no inflation, an average tax rate of 15%, an unused RRSP contribution room of $90,000, and a life expectancy to age 90. What would be the required rate of return to meet Henry's goals?

A) 14,35%.
B) 3,71%.
C) 6,71%.
D) 10,09%.

2. Dianna is visiting with Karen, her Financial Planner, and is excited to report that she has just bought her dream home. She has also let Karen know she Is meeting with an insurance representative to purchase a whole life insurance to cover her 20-year mortgage. Why might Karen suggest Dianna consider term life insurance instead?

A) The client's health may deteriorate as she gets older.
B) The term policy has a cash value, which can be borrowed against.
C) It is better suited for long term insurance needs.
D) The cost of premiums is lower than whole life.

3. In which life cycle stage would a financial planner identify his client to be if they have a high mortgage balance and an unstable or lower income, and are willing to take on investment risk because of their longer time horizon?

A) Accumulation.
B) Consolidation.
C) Gifting.
D) Financial independence.

4. Justis, age 62, and his wife Jen, age 58, are meeting with their financial planner, Luke. They are both planning to retire by age 65. Their goals are to minimize debt and reduce taxes. The couple's financial situation is outlined below.

Justis' annual income is $25,000. He has a $15,000 RRSP, $30,000 single non-registered account and a
$25,000 TFSA. Jen's annual income is $60,000, and she has a $150,000 RRSP, $50,000 single non-registered account and a $20,000 TFSA.
Jen's marginal tax rate is 35%, and Justis' is 25%. Assuming all investments are making interest income of
10%, what would be the most appropriate strategy for Luke to recommend for the couple?

A) Use Jen's RRSP to pay all liabilities.
B) Use Jen's non-registered funds to pay all liabilities.
C) Use Justis's non-registered funds to pay off all liabilities.
D) Use Justis's RRSP to pay off all liabilities.

5. A client asks when his RRSP must generally be converted to a retirement income vehicle. What should the planner explain?

A) Only after all RRSP assets are withdrawn in cash.
B) By the end of the year he turns 71.
C) On the day he turns 65.
D) Only when he stops working.

Solutions: