CFP professionals must pass the comprehensive CFP® Certification Exam, which tests their abilities to apply financial planning knowledge to real-life situations. The exam covers the financial planning process, tax planning, employee benefits and retirement planning, estate planning, investment management and insurance. This comprehensive exam ensures that a CFP® professional is highly qualified to develop a plan for your finances.
All candidates are required to pass the CFP exam, which is a computer-based exam taken by candidates over a three-day period. The exam is 170 multiple choice questions, which include stand-alone questions as well as item-set-style questions. The exam topic weights change regularly but include areas such as professional conduct and regulations financial planning principles, education planning, risk management, insurance, investments, tax planning, retirement planning, and estate planning. The candidate is tested in these areas as well as his ability to establish client-planner relationships, gathering information, analysis, and developing, communicating, implementing and monitoring recommendations.
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Certified Financial Planner (CFP) - Sample
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Question 1 of 10
A married couple would like to set up 529 Plan college education accounts for their two young grandchildren. For 2010, what is the maximum amount they could have contributed in total to both 529 plans without incurring gift tax?CorrectIncorrect
Question 2 of 10
According to the Internal Revenue Code, Section 170(C), which entity is not considered a Qualifying Organization for purposes of charitable contributions?CorrectIncorrect
Question 3 of 10
All of the following are true regarding an S Corporation except...CorrectIncorrect
Question 4 of 10
Which is not a characteristic of a recession?CorrectIncorrect
Question 5 of 10
Your clients, ages 70 and 72, are discussing their estate planning needs with you. They�ve been married only to each other and have no children. They would like to leave any remaining assets at the end of their lives to charity. Currently, their estate is worth about $500,000. What do you suggest?CorrectIncorrect
Question 6 of 10
Currently, unemployment is at a 10-year high and continues to increase, Businesses are operating at their lowest capacity levels. The current business cycle is best described as...CorrectIncorrect
Question 7 of 10
As a rule of thumb, it is best if consumer debt does not exceed:CorrectIncorrect
Question 8 of 10
Julie Christie has been dollar cost averaging in a mutual fund investing $2,200 at the beginning of every quarter for the past seven years. She has been earning an average annual return of 9% compounded quarterly on this investment. How much is the fund worth today?CorrectIncorrect
Question 9 of 10
In a situation where an employee has accepted workers compensation benefits, an employer is protected from the following:CorrectIncorrect
Question 10 of 10
Two fairly common defenses used against charges of negligence have been contributory negligence and:CorrectIncorrect