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FP 511 EXAM AND PRACTICE EXAM NEWEST 2024 ACTUAL EXAM TEST BANK 100 QUESTIONS AND CORRECT DETAILED ANSWERS $22.99
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FP 511 EXAM AND PRACTICE EXAM NEWEST 2024 ACTUAL EXAM TEST BANK 100 QUESTIONS AND CORRECT DETAILED ANSWERS

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FP 511 EXAM AND PRACTICE EXAM NEWEST 2024 ACTUAL EXAM TEST BANK 100 QUESTIONS AND CORRECT DETAILED ANSWERS

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  • July 24, 2024
  • 24
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • fp 511 exam
  • fp 511 exam and practice exam newest 2024

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  • FP 511
  • FP 511

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FP 511 EXAM

Terms in this set (175)

According to the CFP i. only - while all of those duties are in the code they are
Board's Code and Ethics, not all under duties owed to clients, it is important to
under Standards of read the questions carefully.
Conduct that relate to
Duties Owed to Clients, For example - the correct use of the CFP mark is found
which of the following are in teh rules related to Obligations to the CFP board not
requirements with which the to clients, excercising reasonable care when supervising
CFP® certificant must persons acting under the CFP professionals direction is
comply? found in duties owed to firms and subordinates, not to
i Make only clients
recommendations that are
suitable for the client.
ii. Use the CFP® mark in
compliance with the rules
and regulations of the CFP
Board.
iii. Exercise reasonable care
when supervising persons
acting under the CFP®
professional's direction.
iv. May not make false or
misleading representations
to CFP Board or obstruct
CFP Board in the
performance of its duties

According to the Code and At all times when giving financial advice
Standards, Standard A.1,
Fiduciary Duty, must be
upheld

, interest rates of this type of mortgage can change every
adjustable rate mortgages month, quarter, year, 3 years, 5 years etc.
(ARM)
interest rate changes are usually tied to LIBOR

You make decisions based on how you believe the
Affinity bias
outcomes will represent your interests and values

Reduces a family's tax dollar for dollar in an amount up
to $2000 of qualified educational expense - max credit
is $2500


40% of the credit is refundable, can receive up to $1000
American Opportunity tax in cash back
credit
The credit is not refundable to a child under 18-24 who is
a student and earned income does not exceed half of
support and does not file a joint tax return


Phaseout at 160-180 married and 80-90 single

Analyze the scenario. Ling, Ling is not responsible for implementing this planning
a CFP® professional, is recommendation because it only involves the purchase
providing financial advice of one single product. Ling is responsible for
to her client. After implementing the recommendations unless
considering the client's implementation is specifically excluded from the scope
goals, family medical of engagement
history, tax situation, and
financial resources, she
develops a financial plan
that recommends that the
client purchase long-term
care insurance. Which
statement regarding
implementation
responsibilities is NOT
correct?

, You make irrational decisions based on information that
Anchoring and adjustment
should have no influence on the decisions at hand

Andy and Debbie are I, II, III
working with their financial
planner to develop a Travel and entertainment expenses along with gifts,
budget. The financial premium cable TV channels and club dues are
planner told them to list all considered discretionary expenses
their discretionary and
nondiscretionary expenses.
Which of the following
would be considered a
nondiscretionary cash
outflow for planning
purposes?


I. Utility bills
II. Loan payments
III. Mortgage payments
IV. Travel and entertainment
expenses

At all times when providing Act in the clients best interest
Financial Advice to a Client,
a CFP® professional must
act as a fiduciary and,
therefore,

or total debt ratio = total monthly debt/gross income
back end ratio
rule of thumb is 36% or less of monthly income

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