Cfp 4 Study guides, Class notes & Summaries

CFP Prep Exam Questions & Answers 2024/2025 What are the four key principles of motivational interviewing? - ANSWERS1. Partnership 2. Evocation 3. Acceptance 4. Compassion What items will "Always Bar" from CFP Certification? - ANSWERS1. Felony Conviction for Theft, Embezzlement, or other Financially based Crimes 2. Felony Conviction for Tax Fraud or Other Tax-Related Crimes 3. Revocation of a financial professional license, unless due to administrative issue. 4. Felony Conviction...

Standard Deduction AGI is reduced by greater of Standard Deduction or Itemized Deduction Based on filing status and calendar year of filing Taxpayer 65 and older can take an additional deduction, another deduction available to those who are blind Itemized Deductions AGI is reduced by greater of Standard Deduction or Itemized Deduction Reported on Schedule A of 1040 Expenses must be ordinary and necessary Timing of deductions depend on accounting method (accrual vs. cash b...

Financial Planning The process of determining whether and how an individual can meet life goals through the proper management of financial resources. Letter of Engagement Should specify: 1)Parties of the Agreement 2)Date and Duration of the Agreement 3)How and on what terms each party can terminate the Agreement 4) Services to be provided CFP Board Job Task Domains (8) 1) Establishing and Defining the client-planner relationship 2) Gathering Info necessary to fulfill the agreeme...

Domain 4 CFP Board - ANSWER-Synthesize findings from analysis of the client's financial status. 2. Consider alternatives to meet the client's goals and objectives. • Conduct scenario analysis (changing lifestyle variables). • Conduct sensitivity analysis (change assumptions such as interest rate, rates of return, and time horizon). 3. Consult with other professionals on technical issues outside of the planner's expertise. 4. Develop recommendations. • Considering client attitude...

Dalton CFP Exam Review With 100% Correct And Verified Answers Peril - Correct Answer-Proximate cause of a loss Hazard - Correct Answer-Condition that creates or increases the likelihood of a loss Superannuation - Correct Answer-Risk of outliving retirement funds Legal elements of a contract - Correct Answer-COALL Competent parties; Offer; Acceptance; Legal Consideration; Lawful purpose 6 Steps to Risk Mgmnt - Correct Answer-DIE DIE Determine obj; Identify risks; Evaluate probability...

CFP Standards of Conduct Sections (6) - ANSWER-A. Duties owed to clients. B. Fin. Planning and Application of Practice Standards C. Practice Standards for Fin. Planning Process D. Duties owed to firms/subordinates E. Duties owed to CFP Board F. Prohibition on Circumvention Section A of CFP Standards of Conduct - ANSWER-Duties owed to Client: 1. Fiduciary Duty 2. Integrity 3. Competence 4. Diligence 5. Disclose and Manage Conflicts of Interest 6. Sound and Objective Professional Jud...

CFP examTopic 1: Financial Planning Process - correct answer ... 6 step process: EGADIM - correct answer 1. Establish Relationship 2. Gather Information 3. Analyze data 4. Develop plan 5. Implement 6. Monitor Step 1: Establish Relationship - correct answer • Services that will be provided • compensation/billing • Responsibilities of both client/planner • Time frame of relationship Step 2: Gather quantitative and qualitative data - correct answer • It is important that ...

1 © 2019 Pearson Canada Inc. Test Bank & Solution manual for Personal Finance, Fourth Canadian Edition (4th Edition) by Jeff Mad 2 © 2019 Pearson Canada Inc. Personal Finance, Canadian Ed., 4e (Madura) Overview of a Financial Plan True/False 1) Many people who believe they have strong personal finance skills do not really understand some basic personal finance concepts. Answer: TRUE Diff: 1 Type: TF Categories: Benefit From Understanding Personal Finance Financial Type: Qualitative Skill Type:...

Sean's CFP Exam Questions & Answers 2024/2025 List the four assets that don't fall into the category of "capital assets" or "ordinary income" assets: - ANSWERS1) Accounts Receivable 2) Copyrights and creative compositions in the hands of the author 3) Inventory 4) Depreciable Real Estate and Personal Property (1231) Memory clue: ACID List the two types of property that receive 1231 treatment: - ANSWERS1) Personal property (personalty) used in a trade or business (1245) and h...

CFP exam Topic 1: Financial Planning Process - correct answer ... 6 step process: EGADIM - correct answer 1. Establish Relationship 2. Gather Information 3. Analyze data 4. Develop plan 5. Implement 6. Monitor Step 1: Establish Relationship - correct answer • Services that will be provided • compensation/billing • Responsibilities of both client/planner • Time frame of relationship Step 2: Gather quantitative and qualitative data - correct answer • It is important tha...