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

1. A married couple has a $480,000 mortgage with 15 years remaining. They want the mortgage retired if either spouse dies during that period. What insurance structure best fits this objective?

A) Joint 15-year term first-to-die policy.
B) Joint 15-year term last-to-die policy.
C) Individual annuities for both spouses.
D) Joint permanent last-to-die policy.

2. Edward is risk averse and has limited investment knowledge. He will only purchase 100% guaranteed products insured by the CDIC. Edward is meeting with his financial planner, Marissa, for the third time this year about rates, and starts the meeting by criticizing her employer for paying such low returns on GICs.
Edward says he is considering taking his business elsewhere. How should Marissa respond to Edward's comments?

A) Explain that if he can increase his risk tolerance, she can get a better rate of return for him.
B) Show understanding of his frustration, assure him that these are the best rates she can offer and suggest a follow up meeting once Edward has had a chance to shop around.
C) Let him know that her GIC rate is the highest in the market.
D) Offer to match any competitor rate Edward can provide in writing.

3. A household has gross monthly income of $9,500. Their monthly mortgage payment is $2,100, property taxes are $425, heating costs are $175, car payments are $600, and minimum credit card payments are $250. What is their total debt service ratio?

A) 44.2%.
B) 31.1%.
C) 28.4%.
D) 37.4%.

4. In order to increase the assets in Rebecca's retirement savings, her financial planner is considering making a number of recommendations. Prior to obtaining her current employment, she withdrew funds from her RRSP under the Lifelong Learning Plan to upgrade her skills. She has four annual installments remaining on her Lifelong Learning Plan withdrawal and a small amount of savings in a TFSA. Rebecca now works as a sales associate in a small clothing store that has a group RRSP program for all employees which matches employee contributions. Which recommendation provides the best long-term impact to grow her retirement savings?

A) Transfer her existing TFSA savings to her RRSP and start a monthly contribution plan.
B) Repay the final four annual installments remaining on her Lifelong Learning Plan and start a monthly contribution plan to her RRSP.
C) While keeping within her risk tolerance, maximize the equity component of her RRSP and TFSA plans in order to achieve significantly better returns over time.
D) Enroll in her company's group RRSP program and start a monthly contribution.

5. 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) Secured corporate loan with an interest rate of 5.25% and a 5-year amortization period.
B) Corporate mortgage with an interest rate of 2.25% and a 25-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.

Solutions: