CDFA EXAM LATEST 2024-2025 ACTUAL EXAM 300 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+
In a divorce settlement, what mistake is commonly made by financial
professionals without proper training?
Considering the tax consequences of the sale of property
Considering investment returns
Considering inflation
Considering only an equal division of property - correct answers Considering only
an equal division of property
Which of the following is a common mistake that divorcing couples make?
Failing to consider the tax consequences of an early withdrawal
from a retirement account
Dividing a joint checking account to obtain an equitable
distribution of assets
Using the cost basis to determine taxes on the sale of property
Failing to consider the taxes due on child support payments - correct answers
Failing to consider the tax consequences of an early withdrawal from a retirement
account
From a client's perspective and without regard to the cost, at which of the
following times should an individual hire a CDFA professional?
When considering getting a divorce
After meeting with an attorney
After filing a petition for divorce
,Prior to a final judgment for divorce - correct answers When considering getting a
divorce
Which of the following is NOT an appropriate service that CDFA professionals can
provide?
Determine the financial impact of the proposed settlement.
Provide litigation support relating to financial issues.
Prepare a report showing the financial impact of one spouse
keeping the family home.
Prepare business valuations and analysis. - correct answers Prepare business
valuations and analysis.
Which of the following is NOT a reason for a CDFA professional to interview
clients?
To collect financial data
To develop a budget
To complete answers to interrogatories
To help them identify their financial goals, including retirement
objectives - correct answers To help them identify their financial goals, including
retirement
objectives
Jacob is divorcing his wife, Andrea. Jacob has hired Michelle, a CDFA
professional, to work on his divorce case. Which of the following actions are
appropriate for Michelle?
Michelle will only need to analyze Jacob's financial information.
,Michelle will only need to analyze Andrea's financial information.
Michelle will need to analyze Jacob's financial information and
audit Andrea's financial information.
Michelle will need to analyze the financial information for both
Jacob and Andrea. - correct answers Michelle will need to analyze the financial
information for both
Jacob and Andrea.
An individual who is trained to calculate statistically risks, premiums, and life
expectancies for insurance and pension plans is referred to as a/an
_______________. - correct answers
A ________________ is an individual who has been trained to assist
people in coming to an agreement. - correct answers
A CDFA professional is able to give legal advice under which of the following
conditions?
The advice must be limited to the division of marital assets and
debts.
A CDFA professional is not able to give legal advice under any
conditions.
The CDFA professional must seek and obtain permission from the
client's lawyer before giving legal advice.
The advice must be limited to recommending levels of spousal
support. - correct answers A CDFA professional is not able to give legal advice
under any
conditions.
, What impact have the "no-fault" divorce laws had on divorces in the United
States?
An increase in the number of divorces
A decrease in the number of divorces
An increase in the amount of spousal support that is paid
An increase in the amount of child support that is paid - correct answers An
increase in the number of divorces
Which of the following individuals is most likely to seek the services of a CDFA®
professional?
a) John, age 45, earns $40,000 per year and lives in an apartment with his wife
who earns
$25,000. Their only assets are checking and savings accounts totaling $5,000.
b) Mary, age 40, is a stay-at-home wife and her husband earns $150,000. They
have assets valued at $250,000. They have a mortgage of $80,000.
c) Henry, age 35, earns $40,000 and owns an IRA valued at $35,000. His wife earns
$45,000 and she has a 401(k) valued at $36,000.
d) Helen, age 30, is pregnant. Helen and her husband each earn $36,000. They
have assets
with a value of $80,000. - correct answers b) Mary, age 40, is a stay-at-home wife
and her husband earns $150,000. They have assets valued at $250,000. They have
a mortgage of $80,000.
joint income of $100,000 or greater and joint assets that exceed $100,000
Jane, a clinical social worker, has also been trained as a mediator. Which of the
following is an appropriate way to use her mediation training?
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller gradebooster. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.49. You're not tied to anything after your purchase.
