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CSI Applied Financial Planning Certification Exam 1 (AFP) Sample Questions:

1. A higher-income spouse contributes to a spousal RRSP for the lower-income spouse. The lower-income spouse withdraws the contribution amount the following year. What should the planner warn them about?

A) The contribution permanently eliminates all future spousal RRSP room.
B) The withdrawal may attribute back to the contributing spouse.
C) The withdrawal must be taxed as capital gains.
D) The withdrawal is always tax-free.

2. Jonathan owns a medium size consulting firm and earns an average annual income of $150,000. He is reviewing his retirement plan with his financial planner. Jonathan asked his planner about retirement compensation arrangement and how this may benefit him. What should his financial planner tell him?

A) It leaves RRSP contribution room unaffected and is exempt from regulatory limits.
B) It results in a pension adjustment and withdrawals are tax-exempt for the recipient.
C) It reduces RRSP contribution room but is exempt from regulatory limits.
D) It is exempt from regulatory limits and withdrawals are tax-exempt for the executive.

3. A planner establishes a long-term target portfolio of 65% equities and 35% fixed income based on the client's objectives and constraints, with periodic rebalancing. Which allocation approach is being used?

A) Speculative allocation.
B) Strategic asset allocation.
C) Market timing.
D) Tactical asset allocation.

4. Interest rates are expected to rise sharply. Which fixed-income security would normally have the highest price sensitivity to that change, all else equal?

A) Six-month treasury bill.
B) Twenty-year zero-coupon bond.
C) Floating-rate note.
D) High-interest savings account.

5. In 2019, Glenda, age 46, visited her financial planner to discuss her goal of retiring at the age of 65. Glenda had questions about whether she qualified for the maximum amount of CPP and OAS benefits as she had immigrated to Canada just 10 years earlier to take a job as a nuclear technician. What should her financial planner have told her?

A) Glenda would receive partial CPP and partial OAS benefits at age 65.
B) Glenda would receive partial CPP and no OAS benefits at age 65.
C) Glenda would receive the max CPP and partial OAS benefits at age 65.
D) Glenda would receive the max CPP and OAS benefits at age 65.

Solutions: