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CFP Exam > Fundementals > Flashcards

Fundementals Flashcards

1
Q

What are the standards of professional conduct?

A

Code of Ethics and Practice Standards

Candidate Fitness Standards

Disciplinary Rules

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2
Q

What is financial advice?

A

Communication

Recommendation of action (or refrain from action)

Examples:
- how to manage portfolio
- how to manage assets
- selection and retention of other experts
- having discretionary authority

If they call you up and ask you to buy something, not advise

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3
Q

What is financial planning?

A

Collaborative

maximize the clients potential for meeting life goals through financial advice

Relevant elements

More extensive than advice

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4
Q

Review this chart.

What is required when you are providing financial advice? Financial planning?

A

Financial Advice
- Fiduciary duty
- Disclose and manage conflicts
- Provide info to clients
- Duties when recommending, engaging, and working with additional person

Financial Planning?
- Practice standards for FP
- Info to clients in Writing

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5
Q

What’s included on the Code of Ethics?

A
  1. Act with honesty, integrity, competence, and diligence
  2. act in the clients best interest
  3. exercise due care
  4. avoid or disclose and manage conflicts of interest
  5. maintain the confidentiality and protect the privacy of client info
  6. act in a manner that reflects positively on FP and CFP cert
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6
Q

What is the CE requirement for CFP?

A

30 hours every 2 years. 2 of these hours must be ethics

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7
Q

How do you use the CFP marks approprately?

A

Erin Little, CFP(R)
CERTIFIED FINANCIAL PLANNER (tm) (All Caps)

Don’t use in parenthesis

If written, it’s followed by a noun:
- professional
- certificant
- practitioner
- certification
- mark
- exam

DO NOT use CFP in your email or url

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8
Q

What are the Standards of Conduct?

A
  1. duties owed to the client
  2. financial planning and application of the practice standards for financial planning process
  3. practice standards
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9
Q

What’s included with duties owed to the client?

A

Read A.1 - A.15!!!!

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10
Q

What are the components of fiduciary duty?

A

Duty of loyalty: clients interests before CFP, avoid conflicts of interest,

Duty of Care

Duty to follow client instructions

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11
Q

What are important things about avoiding conflicts of interest?

A

This is part of the duty of loyalty
Must fully disclose material conflicts

Must get the clients informed consent

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12
Q

What is the duty of care?

A

Care, skill, prudence, diligence

understanding their full situation, not just finances. Understand their personal circumstances

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13
Q

What are examples of conflicts of interest?

A

compensation
limited product set
proprietary funds
paid referrals

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14
Q

How do you inform the client about confidentiality and privacy?

A

Written

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15
Q

What are exceptions to the confidentiality and privacy rules?

A

for ordinary business purposes (client oks)

for legal and enforcement purposes
- defend against wrondoing
- audits
- subpoena (court approved)

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16
Q

Memorize this chart

A
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17
Q

When financial planning, what is the document that you need to provide that isn’t required with financial advice?

A

Terms of engagement - implementing, monitoring, updating, what’s excluded.

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18
Q

What are requirements around client payment?

A

If you, firm, or related party receive pay:

  • Make sure to cover this before payment:
    – product management fees
    – surrender charges
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19
Q

Where do you typically put information about client payment?

A

ADV part 2
engagement letter
brokerage agreement
offering docs
prospectus

Can be in multiple places.. important thing is that it is very clear

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20
Q

What do you need to do if you file bankruptcy or had public discipline?

A

Disclose it to the client and disclose it on all relevant web-sites
- broker check (FINRA)
- IAPD (SEC)
- CFP.net (if board related issue)

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21
Q

What must you update annually with the SEC?

A

ADV
Privacy policy

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22
Q

What do you need to do if you have a material change in your business?

A

Material change: compensation policy, etc

Notify board within 30 days
Notify clients within 90 days

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23
Q

What does a FP terms of engagement need to include?

A

Scope
limitations (stuff you won’t do)
period of engagement
the clients responsibility

A CFP is responsible for implementing, monitoring, and updating the FP unless specifically excluded

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24
Q

How is sales related compensation defined?

A

12b-1 fees
transaction fees
revenue sharing
referral fees

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25
Q

What is the definition of Financial Planning?

A

A collaborative process that helps maximize a clients potential for meeting life goals through financial advice that integrates relevant elements of the clients personal and financial circumstances

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26
Q

What are relevant elements?

A
  • manage cashflow
  • identify and manage risk
  • educational needs
  • financial security
  • tax consideration
  • retirement
  • philanthropic
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27
Q

What are integration factors and why are they important?

A

The more you are involved in them the more impact the advice has on the portfolio, the more likely that it’s financial advice

Factors include:
- Portion and amount of assets
- length of time the client might be affected
- effect on client’s overall exposure to risk
- barriers to modify

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28
Q

What is the financial planning process?

A

Uber is a drunk persons immediate motor vehicle

Understand
Identify
Analyze
Develop recommendations
Present
Implement
Monitor

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29
Q

What is prohibition on circumvention?

A

you’re prohibited to get someone else to do something that you’re not allowed to do.

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30
Q

What is motivational interviewing?

A

Conveys empathy and acceptance

focus on partnerships, evocation, acceptance, compassion

Basically help them to come to the right conclusion

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31
Q

What are the fitness standards?

A

How the CFP board judges if you are fit to be a CFP. They look at:

Conduct that is unacceptable
Conduct that is presumed to be unacceptable
Other conduct that might reflect adversely

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32
Q

What is conduct that is deemed unacceptable?

A

Can’t be a cfp!

Certain Felony CONVICTIONS
- theft, embezzlement, tax fraud, financial crimes
- murder/rap
- violent crime in the past 5 years

Revocation of financial professional license
(unless you forgot to renew your license

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33
Q

What conduct would be deemed a presumptive bar?

A

You have an option to petition

Presumptive bar if:
- two or more personal or business bankruptcy*
- felony conviction of violent crimes more than 5 years ago
- nonviolent crimes
– perjury, within 5 years

  • REVOCATION or suspension of a non-financial professional license (real estate)
  • SUSPENSION of a financial professional license

*bankruptcies are still disclosed on the CFP board website

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34
Q

What’s the process if the CFP is reviewing a presumptive bar

A

They review evidence
hearing panel recommends to DEC (Disciplinary Ethics Commission)

DEC reviews and accepts, rejects or modifies

DEC issues final order to grant or deny or impose temporary bar or permanent bar

CFP Board publishes

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35
Q

If you’re suspended for more than one year, when can you file a written petition for reinstatment?

A

after 6 month or before 5 years

Hearing panel and DEC review

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36
Q

What are the reporting requirements for bankruptcy?

A

Report it to CFP Board in 30 days

to clients in 90 days and on all relevant public websites

Alternatively, you can report it to the board then pay the hearing fee and try to convince them it’s not a problem

If 2 bankruptcies, must report and you follow the normal disciplinary procedure

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37
Q

According to the Investment Advisor act of 1940, when are you giving investment advice?

A

ABC

When giving Advice

As part of your Business

and you receive Compensation

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38
Q

At what AUM level do you register with the state versus the SEC?

A

> $100m - State
$100m-$110m - choose
<$110m - SEC

This is from the 2010 Dodd Frank act

Midsize advisors are between $25m and $100m

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39
Q

What are the registrations processes for RIAs?

A

File form ADV with SEC

Withdraw with form ADV-W

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40
Q

What is form ADV part 1A and B?

A

Filed annually with SEC (doesn’t need to go to client)

Firm name
background (executives)

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41
Q

Facts about FINRA?

A

Not actually a gov organization

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42
Q

What is part 2 of the ADV?

A

Client brochure

Includes:
-firm and advisor info
-compensation and fees
-education
-investment objectives and strategies
-conflicts of interest

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43
Q

What is ADV part 3?

A

client relationship summary

conflicts of interest

written in plain English

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44
Q

Who has an exception and does not need to register?

A

Make an exception for your TABLE

Don’t have to register, not subject to fraud statutes

banks, bank holding companies that aren’t investment companies

any broker dealer whose advisory services are solely incidental

lawyers, accountants, teachers, engineers that provide incidental advice

Teachers
Accountants
Bankers/brokers
Lawyers
Engineers

Publishers of bona fide

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45
Q

What are exemptions for investment advisor registrations?

A

Don’t have to register, are subject to fraud statutes

Advisors whose clients reside in their state and they do not provide advice

Advisors providing advice to securities not on the national exchange

Only clients are insurance companies

only clients are venture capital funds

only clients are private funds less than $150m

foreign advisors without a place of business

VIPS are SaFE from exemptions

Venture capitalists
Insurance companies
Private funds

S
Foreign
Exchanges

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46
Q

What is the brochure rule?

A
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47
Q

What form do you use to register with FINRA?

A

U-4

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48
Q

What exam do you need to pass to sell mutual funds, UITs and variables (life insurance and annuities)

A

Series 6

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49
Q

The more vertical the demand curve, the more…

A

Inelastic. Peopler are indifferent to the price.

Gas, milk, etc

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50
Q

What will shift the demand curve?

A

increase or decrease in
-income
-taxes
-savings rate
-disposable income

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51
Q

What will shift the supply curve?

A

change in :

  • technology
  • competition
  • anything other than price
52
Q

What is the business lifecycle?

A

Expansion
- GDP, inflation, and interest rates are increasing
- Unemployment is decreasing

Peak
- GDP is at its highest
- inflation and interest rates are peaking
- unemployment is at a low

Contraction
- GDP begins to slow
- inflation and interest rates begin to decline
- unemployment begins to increase

Trough
- GDP, inflation and interest rates are at their lowest levels
- unemployment is at its highest

53
Q

What are the 4 parts of GDP?

A

Consumer spending
net trade
gove spending
business investment

54
Q

What are leading indicators?

A

initial unemployment claims
stock prices
money supply
new manufacturing orders
new private housing starts
consumer sentiment

Yield curve
market volatility
consumer confidence index
jobless claims

55
Q

Coincidental indicators

A

employees on payroll
personal income
industrial production
manufacturing sales

employment
real earnings
GDP

56
Q

What are lagging indicators

A

Average duration of unemplyment
change in CPI
change in labor cost per unit
consumer credit to income

corporate profits
unemployment rate
interest rates

57
Q

What is a recession vs depression?

A

Recession - 2 consecutive quarters of declining GDP

Depression - 6 consecutive quarters of declining GDP

58
Q

What is monetary policy?

A

Federal reserve control the money supply and influencing interest rates

Three goals:
1. maintain long term economic growth
2. maintain price levels supported by the economy
3. maintain full employment

59
Q

What is Fiscal policy?

A

Congress controlling spending and taxation

60
Q

What tools does the fed have to influence monetary policy?

A
  1. Can adjust the reserve requirement
  2. Discount rate (rate between fed and banks)*
  3. Open market operations - Buying and selling gov securities. Buying securities increases money supply
  4. Excess reserve rate -
  • more money in circulation drives interest rates down

*Fed funds rate is the rate between banks

61
Q

What tools does congress have?

A

Fiscal policy

  1. Taxation
  2. Spending
  3. Debt management
62
Q

What are consumer protection laws?

A

Fair Credit reporting act

Fair deb

Fair credit billing act - 30 days to dispute, consumer liability for lost or stolen card is limited to the lesser of $50 or charges incurred if notice is given to the credit card company

Truth in lending act - what are you actually paying in interest rate/APR

CARD

63
Q

What is FDIC insurance?

A

US deposits are covered, outside of the US not covered.

Stocks, bonds, mutual funds are not covered. Money market mutual fund is not covered.

Each deposited has a total of $250k of insurance per type of account
- including IRAs, SEP, Simple IRAs

For joint accounts, each is deemed to own 50% of the joint account for FDIC purposes

64
Q

What is Chapter 7 bankruptcy?

A

Relief through liquidation - typically for individuals

Protected assets:
- Rollover IRAs have unlimited protection
- IRAs and Roth are exempt up to $1.3 million
- inherited IRAs don’t have protection
- Alimony and child support
- Pensions, life insurance, and annuities

Debts that are not discharged (forgiven):
- 3 years of back taxes
- Alimony and child support
- student loans (unless undue hardship)

65
Q

What is chapter 11 bankruptcy?

A

Relief through reorganization - typically for businesses

66
Q

Is workers Comp taxable?

A

No!

67
Q

Is unemployment comp taxable?

A

Yes!

68
Q

How much is social security?

A

15.3% up to the wage base - $147k

12.4 to wage base

2.9 Medicare over wage base

69
Q

What are federal programs versus state programs?

A

Federal:
special education
social security
veterans

state:
residential services
transportation services
respite care services
family support services
day program services

70
Q

What is a balance sheet?

A

Snapshot at moment of time
Assets and liabilities
Assets-liabilities=net worth

71
Q

What is the current ratio?

A

Current ratio = current assets/current liabilities

measures the clients ability to meet short term obligations

Current assets include cash and cash equivalents
- CDs less than 12 months in maturity
- money market
- savings
- cash
- accounts receivable

Current liabilities include credit cards, short term debts less than 12 months

The bigger the better! should be at least 1 which would indicate you have enough liquid assets to cover your short term debt

72
Q

What’s a good emergency fund?

A

3-6 months non discretionary expenses
- 3 for dual wage earners
- 6 for a single wage earner family
- could be wage, alimony, trust income, etc

Looks at current assets

Emergency fund= current assets/monthly non-discretionary expenses

73
Q

What is the housing ratio?

A

housing ratio should be less than or equal to 28% of gross income

Mortgage, property tax, insurance, interest

P = principal
I = interest
T = taxses
I = insurance

74
Q

What is the housing + recurring debt ratio?

A

housing + recurring debt less than or equal to 36%

Mortgage, property tax, insurance, interest, car debts, credit card, etc

75
Q

When is it appropriate to lease or rent?

A

if time in property is going to be short - 1-3 years

Buy when it’s long term, you want to build equity, and there is a high marginal tax bracket

76
Q

What part of a mortgage is deductible?

A

interest up to $750k loan

not on a heloc unless used to improve home

77
Q

What is a 2/6 loan?

A

Can’t increase more than 2% per year or 6% over entire term of the loan

78
Q

What is a reverse mortgage?

A

available for 62 or older

Take out a line of credit on your house
Repayment can be while living or at death

79
Q

When is a student considered independent?

A

Over age 23
have legal dependents other than spouse
married
working on masters or doctorate

80
Q

What is a federal pell grant?

A

“need” based - dependent on expected family contribution

81
Q

What is a Stafford loan?

A

two types

need based - subsidized (pay back after college)
- not available to grad students

not needs based - unsubsidized (start paying during college)
- available for grad students

82
Q

What is a PLUS loan?

A

Not need based
repaid within 10 years
for the parent
can request deferment if child is enrolled half time

83
Q

What is Graduate PLUS loans?

A

student loans for graduate students
Payments begin 6 months after graduateion

can pay interest while in school

84
Q

What are tax advantaged plans for education savings?

A

Qualified tuition plans
- prepaid tuition
- savings plans (529)
- ABLE accounts - disabilities

Coverdell education accounts - $2k maxx

Roth IRA

Series EE savings

UGMAs/UTMAs (kiddie taxed)

85
Q

Features of a 529A

A
86
Q

Features of Coverdell

A

$2k per year per bene. Phase out

owner may change bene

funds must be used by 30

no contributions after bene turns 18

considered a parent asset for FAFSA

87
Q

Features of a 529 versus a cover dell plan?

A
88
Q

When is a 529 plan included in the gross estate?

A

If they did the 5 year rollup and then died before the 5 years - if that happens, there is a clawback

88
Q

When is a 529 plan included in the gross estate?

A

If they did the 5 year rollup and then died before the 5 years - if that happens, there is a clawback

89
Q

How is prepaid tuition treated when calculated EFC?

A

It is an asset to the parents and included in the calculation for EFC.

90
Q

What are pell grants?

A

Undergatuate only

must have a high unmet need

91
Q

What is a Federal Supplemental Educational Opportunity Grant?

A

Undergraduate only

must have a high financial need

92
Q

What happens when you use Roth money for edu expenses?

A

No 10% penalty

Contributions and conversions are tax free

earnings is taxable

93
Q

What is a series EE bond?

A

Can be used for tuition and fees in addition to the AOTC, as long as not on the same expenses

No federal income tax on interest if you are paying for qualified expenese

Bonds are not purchases in the childs name

buyer must be over 24 when purchased

can be converted into 529 plans or coverdell esa

must be used in the same year the bond is redeemed

94
Q

How is an UGMA treated for financial aid purposes?

A

Treated as an asset of the child

95
Q

Biggest difference between UGMA and UTMA?

A

UTMA is more flexible, can include real estate

96
Q

When is student loan interest deductible?

A

Above the line

Limited to $2500

Phase out starting at $75k

97
Q

What is the lifetime learning credit?

A

Tax dollar for dollar credit

20% of up to $10k in qualified expenses

max $2k per family

Can be claimed for an unlimited number of years of college

Tuition and fees related to undergrad, graduate, or professional programs

Phased out starting at $80k

98
Q

What is the American opportunity tax credit?

A

100% of first $2000
25% of next $2k

So $2500 if you spend over $4k

Per student

Only for first 4 years of undergrad

Phased out

Always go for AOTC first!

99
Q

Can you use the AOTC and LLC together?

A

Yes! But they must be used on different expenses

If you use your 529, you can’t use this credit

100
Q

When qualifying for financial aid, which assets are considered?

A

529 - parent
coverdell - parent

UTMA - kid

101
Q

What are the rules for emplpyer education assistance?

A

They can reimburse an employee for education expenses up to $5250 without the employee having to include that in income

102
Q

Know this chart

A
103
Q

Know this chart

A
104
Q

What is an accredited investor?

A

123 test

$1million net worth not including residence

$200k income if single

$300k income if married or in a relationship like a spouse

105
Q

What is a good life insurance benchmark?

A

10-16x gross pay

106
Q

What’s a good benchmark for retirement savings?

A

Save 10-12% per year

Save 16x your the amount of income needed every year in retirement

107
Q

What rate does the fed reserve control?

A

discount rate

NOT prime lending rate or fed funds rate

fed funds rate is the overnight borrowing rate between member banks

108
Q

Summary chart of monetary policy

A
109
Q

Education funding summary chart

A
110
Q

What are capital goods? Consumer durable goods?

A

Durable goods: goods not for immediate consumption and able to be kept for a period of time. cars. washing machines

Non-durable goods: food. paper products. consumed immediately

Capital goods: used for producing profit or other goods

111
Q

How do you calculate inflation adjusted return?

A

[(1+rate of return)/(1+inflation rate)] - 1) x100

112
Q

Which industries are typically more affected by recession with regard to production and employment?

A

Capital goods

Consumer durable gooods

113
Q

For purposes of the Free Application for Federal Student Aid (FAFSA), what is considered includible assets?

A

Money in cash, savings, and checking accounts

Businesses

Investment farms

Real estate (other than a personal residence)

Other investments

Assets do not include:

A personal residence

Life insurance

Retirement plans (401(k) plans, pension funds, annuities, IRAs, Keogh plans, etc.)

114
Q

What should a CFP do if they think illegal activity is happening in their org?

A

Contact their supervisor

They should only contact regulatory authorities in the event that no correct action is taken after they discuss the situation with their supervisor.

115
Q

How are 529 assets treated for FAFSA?

A

A 529 savings plan purchased by the student’s UGMA is treated as assets of the parent on the FAFSA.

116
Q

What is reflection-of-feelings response?

A

Reflection-of-feelings response is a technique a counselor uses during active listening to encourage additional discussion. The counselor responds to the client by attempting to reflect back to the client in words the underlying feelings presented by the client’s statements of concern. The counselor communicates understanding and empathy for the client’s distress. The other responses presented in this question are responses a counselor uses to signal that she is moving away from active listening and in a new direction beyond the client’s statements.

117
Q

What is the phase out for usnig the AOTC? LLC?

A

The AOTC is subject to a phase-out for taxpayers with adjusted gross income in excess of $80,000 ($160,000 for married couples filing jointly).

For TY2022, the amount of your LLC is gradually reduced (phased out) if your MAGI is between $80,000 and $90,000 ($160,000 and $180,000 if you file a joint return). You can’t claim the credit if your MAGI is $90,000 or more ($108,000 or more if you file a joint return).

118
Q

What is Money Status in terms of a money script identified by Klontz, Britt and Klontz.

A

Recent research (Klontz et al. 2011) has identified four categories of money scripts, three of which are associated with poor financial health: (1) money avoidance, (2) money worship, (3) money status, and (4) money vigilance.

119
Q

Are long term disability plans subject to nondiscrimination?

A

NOOOO!!! Long-term disability income plans are not subject to nondiscrimination rules, so such plans may be provided for only a select group of executives.

120
Q

How are disability benefits taxed?

A

If the employer pays half, they will be one-half taxable income because the employer pays half of the premium. Steven’s plan will only pay him 50% of his monthly salary if he should become disabled for any reason.

121
Q

Are CDs insured by FDIC?

A

Yes

122
Q

Who issues treasury bills?

A

The treasury departembt - not the fed

123
Q

The provision that all credit reports are required to contain accurate, relevant, and current information is a part of:

A

The Fair Credit Reporting Act.

124
Q

For FAFSA, which assets are included or not included?

A

Assets include:
Money in cash, savings, and checking accounts
Businesses
Investment farms
Real estate (other than a personal residence)
Other investments

Assets do not include:
A personal residence
Life insurance
Retirement plans (401(k) plans, pension funds, annuities, IRAs, Keogh plans, etc.)

125
Q

What is a client’s liability for the fraudulent transactions on their cards?

A

$50 max for each card

126
Q

When can you breach confidentiality?

A

As necessary to provide information between attorneys, accountants and auditors”.

CFP Exam (6 decks)

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