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Random CFP > CFP GP > Flashcards

CFP GP Flashcards

1
Q

Payment History

A

35%

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2
Q

Amounts owed

A

30%

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3
Q

Length of credit history

A

15%

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4
Q

New credit

A

10%

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5
Q

Credit mix

A

10%

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6
Q

FICO Poor

A

Under 580

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7
Q

FICO Fair

A

580-670

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8
Q

FICO Good

A

670-740

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9
Q

FICO Very Good

A

740-800

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10
Q

FICO Exceptional

A

800+

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11
Q

Expansion

A

Increasing GDP, decreasing unemployment

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12
Q

Contraction

A

Decreasing GDP, increasing unemployment

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13
Q

Peak

A

High GDP and very low unemployment

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14
Q

Trough

A

Very low (or negative) GDP and high, widespread unemployment

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15
Q

Early Expansion

A

Activity rebounds, credit begins to grow, profits grow rapidly, policy still stimulative, inventories low, sales improve

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16
Q

Mid Expansion

A

Growth peaking, credit growth strong, profit growth peaks, policy neutral, inventories & sales grow, equillibrium reached

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17
Q

Late Expansion

A

Growth moderating, credit tightens, earnings under pressure, policy contractionary, inventories grow & sales growth falls

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18
Q

Contraction

A

Falling activity, credit dries up, profits decline, policy eases, inventories & sales fall

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19
Q

Money Market

A

Short-term debt instruments

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20
Q

Capital Market

A

Long-term debt and equity; stock market, bond market, commodities, foreign exchange

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21
Q

Asset Protection Allowance

A

only available to parents

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22
Q

Income protection allowance

A

available for students and parents

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23
Q

Federal Supplemental Educational Opportunity Grant (FSEOG)

A

Need based, available to undergraduate students, based on the availability of funds at that school

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23
Q

Federal Supplemental Educational Opportunity Grant (FSEOG)

A

Need based, available to undergraduate students, based on the availability of funds at that school

24
Q

Grace period on life insurance premiums

A

31 days

25
Q

H0-5 Policy coverage for contents

A

Open contents, coverage at a limit of 50% of the Part A - Dwelling coverage limit

26
Q

Periodic withdrawals from a deferred annuity held until age 59/5

A

LIFO basis

27
Q

Dividends on participating life insurance polciies may be:

A

taken in cash
used to pay a portion of the next premium
left to accumulate
used to purchase a single-premium, paid-up addition
used to purchase one-year term insurance (fifth dividend option)

28
Q

Universal Life Option A

A

Death benefit remains level

29
Q

Universal Life Option B

A

death benefit is face amount plus cash value

30
Q

HSA Non-qualified distributions

A

taxes and 20% PENALTY

31
Q

Securities Act of 1933

A

Handles IPOs and Primary Markets

32
Q

Securities Act of 1934

A

Regulates the secondary market; created the OTC
Secondary markets = organized exchange (NYSE) or OTC (NASDAQ)

33
Q

Advisors Act of 1940

A

firms or sole practitioners that give advice and receive compensation must register with the SEC and protect investors

34
Q

Regulation BI

A

Introduced with Dodd Frank Bill
Raised the bar from suitability to beneficial/client’s best interest

35
Q

DOL Rule

A

Obama
Expanded Reg BI and fiduciary standards to ERISA accounts (IRAs)

36
Q

Dodd Frank Act

A

Prevents excessive risk raking; Improved accountability and transparency

37
Q

What must be delivered in writing ALWAYS?

A

Privacy Policy

38
Q

What can be delivered orally regardless of advice vs. planning?

A

Material conflicts of interest

39
Q

Time for response for SUBSEQUENT requests for information AFTER compliance counsel review

A

14

40
Q

Time to respond to failure to cooperate notice

A

14

41
Q

time for respondent to accept counter-offer

A

14

42
Q

time for hearing documents, written statements & stipulations due to CFP Board counsel

A

45

43
Q

time to update material changes and disciplinary history to CLIENTS

A

90

44
Q

time to disclose bankruptcy to CFP board

A

30

45
Q

time to disclose bankruptcy to clients

A

90

46
Q

privacy policy delivery time

A

once every 12 months (unless no changes)

47
Q

529 K-12

A

$10k, tuition only

48
Q

Has the authority to investigate and file a Complaint against a Respondent for alleged violations of the Code of Ethics & Standards or Conduct

A

CFP Board Counsel

49
Q

Has the authority to issue a final order that finds facts, determined whether a violation has occurred and imposes discipline in the form of a sanction

A

DEC

50
Q

Conduct the hearing, consists of at least 3 persons

A

Hearing panel

51
Q

What can happen after the CFP Board Counsel Delivers complaint?

A

settlement
answer
(respondent must pay hearing or settlemenet fee within 30 days)

52
Q

Failure to answer a complaint

A

Suspension for 1 year and 1 day or Revocation

53
Q

How long is suspension?

A

minimum of 90 days, maximum of 5 years

54
Q

need written acknowledgement of charitable contributions from the charity

A

$250+

55
Q

charitable orgs are required to provide a written disclosure to a donor who receives goods/services in exchange for a single payment of more than…

A

$75

56
Q

for denotation less than $250

A

receipt

57
Q

donation of more than $500

A

Section A of Form 8283 & donor letter

58
Q

Donation of more than $5,000

A

Section B of Form 8283 & appraisal & donor letter

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