Cfp 4 - Study guides, Class notes & Summaries
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20232024 COMPLETE EXAM FOR CFP 4 - CHAPTER 2 (INCOME TAX FUNDAMENTALS AND CALCULATIONS: DEDUCTIONS AND CREDITS)
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20232024 COMPLETE EXAM FOR CFP 4 
- CHAPTER 2 (INCOME TAX 
FUNDAMENTALS AND CALCULATIONS: 
DEDUCTIONS AND CREDITS) 
Standard Deduction - CORRECT ANSWER-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 - CORRECT ANSWER-AGI is reduced by greater of Standard 
Deduction or Itemized Deduction 
Repo...
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CFP: Fundamentals
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CFP: Fundamentals 
November 2022/2023 
CFP: Fundamentals 
A CFP® professional has been engaged by a client to help with budgeting and investing 
for retirement. The client has had difficulty saving money for investments even though 
he has an adequate income. The CFP® professional began to collect information on 
income and expenses for the client and then decided to look at the client's income tax 
returns. When the CFP® professional asked for income tax returns, he learned that the 
c...
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CFP Prep Exam Questions & Answers 2024/2025
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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...
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CFP 4 - Chapter 2 (Income Tax Fundamentals and Calculations: Deductions and Credits)|2023 LATEST UPDATE|GUARANTEED SUCCESS
- Exam (elaborations) • 10 pages • 2023
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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...
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CFP Exam Book 1 Practice Test Questions with Answers
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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...
And that's how you make extra money
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HS 300 Financial planning process Exam Questions with Complete Solutions
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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...
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Dalton CFP Exam Review With 100% Correct And Verified Answers
- Exam (elaborations) • 16 pages • 2024
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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...
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CFP Exam 2024 Questions with 100% Correct Answers
- Exam (elaborations) • 74 pages • 2024
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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...
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Test Bank & Solution Manual for Personal Finance 4th Canadian Edition by Jeff Madura
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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:...
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CFP exam questions with 100% correct answers graded A+
- Exam (elaborations) • 10 pages • 2023
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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 ...
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