CSI AFP-Exam-1

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

1. Mary, an accredited financial planner, recently met with clients Michael and Radha. They are high- net-worth clients who are in their mid-40s. Michael is a heavy equipment operator at a local oil field, and Radha is a homemaker. They are ready to retire in 10 years and very excited to start planning for the next chapter in their lives. Mary explained her planning process, her accreditation, and her remuneration. When Mary presented the client agreement letter, both clients were surprised. They said they did not know why they would sign a letter to get advice on their own finances. How should Mary answer their question?

A) The client agreement letter sets expectation for the partnership between, the client, the financial planner and their partners.
B) The client agreement letter is a non-legally binding contract that outlines the business relationship between the clients and the financial institution.
C) The client agreement outlines the specific financial planning strategies that will be implemented to help both Michael and Radha achieve their financial goals.
D) The client agreement letter outlines the overall investment strategy that is being recommended by Mary to Michael and Radha.

2. Sarah Jones is an incorporated owner of a successful manufacturing company. She currently has a large month to month cash flow surplus. This is expected to continue until she retires in seven years. Her personal mortgage is up for renewal. She needs to borrow $50,000 so that she can replace a piece of equipment that is needed in the manufacturing process. She would like a solution that results in paying the lowest interest cost over the life of the loan. Which loan product should the financial planner recommend to Sarah? Assume monthly compounding for all products and no pre-payment options.

A) Corporate mortgage with an interest rate of 2.25% and a 25-year amortization period.
B) Secured corporate loan with an interest rate of 5.25% and a 5-year amortization period.
C) Refinanced personal mortgage with an interest rate of 1.35% and a 25-year amortization period.
D) Home equity line of credit with an interest rate of 3.75% and a 7-year interest-only payment with an end-of-term balloon payment.

3. What information is least important for Harry as a financial planner in his assessment for insurance coverage for his client with respect to estate planning purposes?

A) Age.
B) Work location.
C) FMV of non-principal residence.
D) Income.

4. A client wants to state her wishes about medical treatment if she becomes incapable of communicating.
Which document is most directly relevant?

A) Trade authorization form.
B) Living will or personal care directive.
C) Net worth statement.
D) Investment policy statement.

5. How should Jenny, a financial planner, explain the benefits of a fee for service method of compensation to a prospective client?

A) The planner is compensated solely on the performance of the investment portfolio established by the planner for the client.
B) The planner is able to charge a higher fee based on the complexity of products sold.
C) The planner is compensated based on the quality of the financial plan.
D) The planner has no incentive to recommend one product that provides higher compensation over another product with lower compensation.

Solutions: