ACC 356 Midterm Questions And Answers With Real Tests
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ACC 356 Midterm Questions And Answers With Real Tests
After meeting with your new client, Nala, you used a Monte Carlo simulation within your financial planning software to project the likelihood of meeting her retirement objective based on her current retirement plan contributions and investment ...
acc 356 midterm questions and answers with real te
acc 356 midterm questions and answers
after meeting with your new client nala you used
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ACC 356 Midterm Questions And Answers With Real
Tests
After meeting with your new client, Nala, you used a Monte Carlo simulation within your financial planning
software to project the likelihood of meeting her retirement objective based on her current retirement plan
contributions and investment portfolio allocation. Which part of the financial planning process were you engaged
in? ANS Analyzing the client's current course of action and potential alternative courses of action.
Use of available technology and tools such as Monte Carlo simulations to evaluate the client's likelihood of meeting
goals based on the current course of action is part of the analyzing the client's current course of action and potential
alternative courses of action step of the financial planning process.
At what point in time should the financial planner and the client identify their specific responsibilities? ANS
When establishing the relationship.
The financial planner and the client should identify their responsibilities when they establish their relationship.
You are a relatively new financial planner. You have been working for an investment firm in the United States and
have decided that you would like to add more credibility to your practice. Which of the following professional
credentials would provide you with the most credibility since it is the oldest and best known? ANS The CFP®
certification is the oldest and best-known certification for financial planners.
Which of the following items of information is least likely to be obtained from your client during the data gathering
portion of the client meeting? ANS The income tax bracket of your client's adult children.
Knowing the income tax bracket of your client's children may be helpful in some situations (for example, when you
are determining the most appropriate gift to give a particular person) however, it is generally not essential to the
financial planning process. The other three items are more relevant.
Holly is a well-known financial planner in your area. Her clients rave about how great she is and after meeting her
you understand why. While describing her to your friend, Buddy, Buddy wanted to know what was so great about
financial planners in general. You responded with the following statement "One of the most important qualities a
professional financial planner brings to the client/planner relationship is: ________________."
A) ANS Objectivity.
The most important quality the planner brings is objectivity. The client is often unaware of their true financial
position and the objectivity provided by a knowledgeable financial planner can provide insight into the client's
actual financial profile.
, Roy Al Pain has been a client of yours for several years. During that time, Roy has been rude to both you and your
staff on numerous occasions. He has used profanities in front of your staff and other clients, thrown things, and
screamed at your staff. You have tired of working with Roy and want to terminate your relationship with him. Which
of the following is true? ANS You should consult your engagement letter to determine your rights to terminate
the relationship.
Rationale
You should consult your engagement letter to determine your rights to terminate the relationship. All engagement
letters should detail the services to be provided as well as details on how the relationship can be terminated. You
should not begin to offer sub-par planning as this can be considered malpractice. You should not bad mouth your
clients as this violates confidentiality and is unprofessional.
Reverend Lola Pak, a prospective client, came to your office for the first time today. Which is the most appropriate
way to greet her? ANS "Welcome to my office, Reverend Pak."
Rationale
You should always greet new clients with appropriate salutations. Since Lola is a Reverend you should identify her
as such, even if you do not subscribe to her particular faith. Your goal is to make the client feel at ease with you and
utilizing the client's formal salutation will help you achieve this. If she encourages you to use her first name then
you can do so after your initial meeting.
Raven recently came to your office for her second appointment after receiving your engagement letter. During the
meeting you collect several documents from her including her prior year tax returns, estate planning documents, and
investment statements and history. You also worked with her on identifying her goals and objectives. Which of the
following is the next step in the financial planning process? ANS Analyze the client's current course of action
and potential alternative courses of action.
Rationale
During the planning process you have already established the relationship as well as gathered the client data and
identified and prioritized goals. Your next step is to analyze the client's current course of action and potential
alternative courses of action.
Which of the following stated goals of a client is most workable for financial planning purposes? ANS Of most
importance, to purchase a vacation home within 5 years at a cost of about $100,000.
Rationale
A workable goal for financial planning purposes should be specific, prioritized, and quantified. Answer choices a, b,
and d fail to meet these criteria.
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