CDFA Exam 2024 with 100% correct answers

5-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