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CDFA Exam Study Materials.
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- A level Biology
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- A Level Biology
CDFA Exam Study Materials.
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CDFA Exam Study Materials5-year cliff vesting - correct answer-An employee who has at least five years of service must
have a non-forfeitable right to 100% of the employee's accrued benefit [IRC §411(a)(2)(A)].
3- to 7-year vesting (7-year graded vesting) - correct answer-An employee who has
completed at least three years of service must have a non-forfeitable right to at least the
following percentages of his or her accrued benefit: 20% after three years of service, 40%
after four years of service, 60% after five years of service, 80% after six years of service,
and 100% after seven years of service [IRC §411(a)(2)(B)].
Top-heavy plans or matching contributions typically use _________ vesting - correct
answer-3-year cliff vesting or 6-year graded vesting.
Schedule A: Itemized Deductions - correct answer-Schedule ____ may help identify unlisted
assets or sources of income. For example, property taxes may reveal real property or a boat
that one spouse does not know exists; and gambling losses would reveal that there are
gambling winnings.
Schedule B: Interest and Ordinary Dividends - correct answer-Schedule ____ identifies the
assets and investments generating interest and dividends.
Schedule C: Profit or Loss from Business - correct answer-Schedule ___ may be a place to
hide assets or income. For example, depreciation expense is not a cash outflow and should
sometimes be added back to net income to determine actual income. The depreciation
schedule may also reveal additional assets in the business.
Schedule D: Capital Gains and Losses - correct answer-Schedule _______ is used to report
gains and losses from the sale of stocks, bonds, and real estate.
Schedule E: Supplemental Income and Loss - correct answer-Schedule _____ is used to
report income from rental properties, royalties, partnerships, and S-corporation income.
Depreciation would be something to review.
Form 1065 - correct answer-Form _________ is used to report partnership income.
Form 1120 - correct answer-Form __________ is used to report corporate income
Form 1120S - correct answer-Form ___________ is used to report corporate income for S
corporations.
Schedule 1: Additional Income and Adjustments to Income - correct answer-Schedule
____________________ includes additional income, such as capital gains, unemployment
compensation, prize or award money, and gambling winnings. It also includes deductions
such as student loan interest, self-employment tax, and educator expenses.
,Schedule 2 Tax - correct answer-Schedule _________ details the alternative minimum tax
(ATM) or an excess advance premium tax credit repayment.
Schedule 3 Nonrefundable Credits - correct answer-Schedule _________ is used to claim a
nonrefundable credit other than the child tax credit or the credit for other dependents, such
as the foreign tax credit, education credits, or general business credit.
Schedule 4 Other Taxes - correct answer-Schedule ___________ reports other taxes, such
as self-employment tax, household employment taxes, additional tax on IRAs or other
qualified retirement plans and tax-favored accounts.
Schedule 5: Other Payments and Refundable Credits - correct answer-Schedule _________
is used to claim a refundable credit other than the earned income credit, American
opportunity credit, or additional child tax credit.
Form 4562 - correct answer-Form _________ reports deductions for depreciation and
amortization as well as provides information on the business/investment use of automobiles
and other listed property.
Form 4797 - correct answer-Form ___________ reports the sale or exchange of business
property and the computation of recapture amounts under sections 179 and 280F(b)(2).
Accountant - correct answer-An __________________ is a person who is qualified to keep,
audit, and inspect the financial records of individuals or business concerns and prepares
financial and tax reports.
Actuary - correct answer-An ___________ is a person whose work is to calculate statistically
risks, premiums, and life expectancies for insurance and pension plans.
Attorney - correct answer-An ________________ person who is legally qualified and
licensed to represent a person in a legal matter, such as a transaction or lawsuit.
Business Valuator - correct answer-A _________________ is an individual who is trained in
evaluating and assigning a value to a business.
Divorce - correct answer-A __________________ is the legal proceeding by which a
marriage is legally terminated. It may be contested (where one party denies the allegation or
wants to keep the marriage in place) or uncontested.
Mediator - correct answer-A _______________ is an individual who has been trained to
assist people in coming to an agreement, especially one that reconciles differences between
disputants.
Pension Valuator - correct answer-A ________________________ is an individual who is
qualified to calculate the value of defined benefit pension plans, such as the marital portion
of a plan for the division of assets in a divorce.
, Arbitration - correct answer-_________________ is submitting a disputed matter for decision
to a person who is not a judge. The decision of an arbitrator is usually binding and final.
Arbitration varies greatly from mediation.
Best Interest of the Child - correct answer-_____________________________ is a
discretionary legal standard used by judges when making decisions about custody, visitation,
and support for a child when the parents are divorcing.
Change of Venue - correct answer-A ______________________ is a change of judges or
geographical location, requested by a party to the action who feels that the change is
justified by state law.
Collaborative Divorce - correct answer-A ____________________________ is a team
approach to divorce in which divorcing couples obtain professional help from specialists in
the legal, financial, and mental health fields; when needed, additional professionals
(including child/parenting experts) may be called in to help the couple settle their case.
Collaborative Law - correct answer-_____________________________ is a new dispute
resolution model in which each party retains their own attorney who has gone through
specialized "___________________________" training. The lawyer's only job is to help
settle the dispute. All parties agree to work together respectfully, honestly, and in good faith
to try to find "win-win" solutions to the legitimate needs of both parties. No one may go to
court, or even threaten to do so. If that should occur, the ___________________________
process terminates and both lawyers are disqualified from any further involvement in the
case.
Collusion - correct answer-________________ is an agreement between two or more
persons where one of the parties brings false charges against the other. In a divorce case,
the husband and wife may agree to use adultery as a ground in order to obtain divorce more
quickly, knowing full well that adultery was not committed. _________________ is illegal.
Common Law Marriage - correct answer-__________________________ is a
judicially-recognized marriage in some states, usually based on cohabitation where no
formal marriage ceremony has taken place.
Complainant - correct answer-____________________ is the one who files the suit; same
as plaintiff.
Complaint - correct answer-___________________ is a legal document led by the plaintiff to
start the divorce process. It states that the marriage has ended and lists the grounds and
claims for the divorce. In some states it is also known as a petition.
Condonation - correct answer-____________________ is the act of forgiving one's spouse
who has committed an act of wrongdoing that would constitute grounds for divorce.
_____________ generally is proven by living and cohabitating with the spouse after learning
that the wrongdoing was committed. It is often used as a defense to a divorce.
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