CDFA EXAM STUDY QUESTIONS 2024/2025 WITH GUARANTEED ACCURATE ANSWERS |VERIFIED
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CDFA
5-year cliff vesting - ACCURATE ANSWERAn 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) - ACCURATE ANSWERAn employee who has completed at least three ye...
CDFA EXAM STUDY QUESTIONS
2024/2025
CDFA EXAM STUDY QUESTIONS 2024/2025 WITH GUARANTEED ACCURATE
ANSWERS |VERIFIED
5-year cliff vesting - ACCURATE 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) - ACCURATE 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 -
ACCURATE ANSWER✅✅3-year cliff vesting or 6-year graded vesting.
,Schedule A: Itemized Deductions - ACCURATE 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 - ACCURATE
ANSWER✅✅Schedule ____ identifies the assets and investments generating
interest and dividends.
Schedule C: Profit or Loss from Business - ACCURATE 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 - ACCURATE ANSWER✅✅Schedule
_______ is used to report gains and losses from the sale of stocks, bonds, and real
estate.
Schedule E: Supplemental Income and Loss - ACCURATE
ANSWER✅✅Schedule _____ is used to report income from rental properties,
royalties, partnerships, and S-corporation income. Depreciation would be
something to review.
Form 1065 - ACCURATE ANSWER✅✅Form _________ is used to report
partnership income.
Form 1120 - ACCURATE ANSWER✅✅Form __________ is used to report
corporate income
,Form 1120S - ACCURATE ANSWER✅✅Form ___________ is used to report
corporate income for S corporations.
Schedule 1: Additional Income and Adjustments to Income - ACCURATE
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 - ACCURATE ANSWER✅✅Schedule _________ details the
alternative minimum tax (ATM) or an excess advance premium tax credit
repayment.
Schedule 3 Nonrefundable Credits - ACCURATE 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 - ACCURATE 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 - ACCURATE
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 - ACCURATE 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 - ACCURATE ANSWER✅✅Form ___________ reports the sale or
exchange of business property and the computation of recapture amounts under
sections 179 and 280F(b)(2).
Accountant - ACCURATE 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 - ACCURATE ANSWER✅✅An ___________ is a person whose work is
to calculate statistically risks, premiums, and life expectancies for insurance and
pension plans.
Attorney - ACCURATE 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 - ACCURATE ANSWER✅✅A _________________ is an
individual who is trained in evaluating and assigning a value to a business.
Divorce - ACCURATE 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 - ACCURATE ANSWER✅✅A _______________ is an individual who
has been trained to assist people in coming to an agreement, especially one that
reconciles differences between disputants.
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