Certified Financial Planner Board of Standards Inc

CFP 2022/2023 Exam- Retirement Planning with Verified Questions and Answers How many quarters of coverage do you have to have to be fully eligible for SS? - CORRECT ANSWER 40 How are railroad employees covered for SS? - CORRECT ANSWER They arent, they have another retirement program What is the lump sum death benefit from SS? - CORRECT ANSWER $255 How long is the waiting period for SS disability benefits? - CORRECT ANSWER 5 months How long does someone have to be disabled for, and be ...

CFP Exam - Risk Management, Insurance, and Employee Benefits Planning with Complete Solutions 2023 peril - CORRECT ANSWER cause of financial loss hazard - CORRECT ANSWER increases the probability that a loss will occur static risk - CORRECT ANSWER losses that are caused by factors other than a change in the economy, risks that are always present dynamic risk - CORRECT ANSWER the result of the economy changing; insurance does not cover these risks pure risk - CORRECT ANSWER A chance ...

CFP Exam Income Tax-96 Questions with Complete Solutions What is the primary source of all tax law? - CORRECT ANSWER IRS Step transaction - CORRECT ANSWER Ignore the individual transactions and instead tax the ultimate transaction Sham transaction - CORRECT ANSWER Lacks a business purpose ex: A sale by XYZ to ABC when XYZ and ABC are owned by the same company Is income from a hobby reportable? - CORRECT ANSWER Yes Are expenses for hobbies deductible? - CORRECT ANSWER No A hobby is con...

CFP Exam - General Financial Planning Principles, Professional Conduct, and Regulation New Update 2023 Financial Planning - CORRECT ANSWER The integrated, coordinated management of an individual’s financial situation. Code of Ethics and Standards of Conduct (Code and Standards) are intended to - CORRECT ANSWER Benefit and protect the public, provide standards for delivering financial planning, and advance financial planning as a distinct and valuable profession, Practice Standards ...

CFP Mock Exam New Update 2023 with Complete Questions and Answers Which of the following is correct regarding certificates of deposit (CDs)? A. CD's are short-term securities that may be bought or sold in the open market at a market-determined price. B. CD's typically invest in high-quality, short-term investments, such as commercial paper, T-Bills, and money market funds. C. CDs are known as "time deposits" D. The financial institution pays a variable rate of interest for the ter...

CFP Exam - Random Facts to remember (New Update 2023) Annuity due - CORRECT ANSWER use BEGIN mode on calculator Ordinary Annuity - CORRECT ANSWER use END mode on calculator Fiduciary duty (ddf) - CORRECT ANSWER -duty of loyalty -duty of care -follow instructions Integrity (huc) - CORRECT ANSWER -honesty -upstanding -candor Competence - CORRECT ANSWER relevantly apply knowledge Diligence (tt) - CORRECT ANSWER -timely -thorough Disclose and manage conflicts of interest (admma) - CORR...

CFP Practice Questions with Complete Solutions (New Update 2023) Stafford Loans are administered by: A) Private Loan Administration B) Federal Family Education Loan Program C) Parent loans to undergraduate students D) Federal assistance loan program - CORRECT ANSWER B Perkins loans - CORRECT ANSWER Low-interest federal student loans for undergraduate and graduate students distributed on the basis financial need. Are Parent Loans to Undergraduate Students (PLUS) available to both full ...

CFP Test Review with Verified Answers-New Update 2023 Financial Planning Process (Practice Standards) - CORRECT ANSWER EGADIM (Even God Admits Dat Its Amazing) - Establish Client-Planner Relationship, Gathering Client data, Analyze and Evaluate, Develop and Present the Plan, Implementing the Financial Plan, Monitoring the Financial Plan Purpose of Practice Standards - CORRECT ANSWER to advance professionalism in practice, the value of planning, the guidelines for an engagement, compl...

CFP Exam Flash Cards with Correct and Updated Solutions 2022/2023 Savings Strategy: How much of your gross income should you save? - CORRECT ANSWER 5-8% Securities Act of 1933 - CORRECT ANSWER Purchasers of new issues must be provided with a detailed prospectus before transaction. Securities Act of 1934 - CORRECT ANSWER Regulates the secondary Market or trading of issued securities. This act created the SEC Investment Company Act of 1940 - CORRECT ANSWER SEC can regulate UITs, Mutu...

CFP Exam Prep with Verified Solutions Graded A+ Code of Ethics (Amy Always Expertly Aspires to Make Apples AAEAMA) - CORRECT ANSWER -Act with honesty, integrity, competence and diligence -Act in client’s best interests -Exercise due care -Avoid or disclose and manage conflicts of interest -Maintain confidentiality and privacy of client info -Act in a manner the reflects positively on CFP professional and CFP certification Duties owed to clients (Finally I Can Dirty Dance FICDD) - C...