Free CSI AFP-Exam-1 Exam Dumps Questions & Answers

Jonah is meeting with his client, Muhsina, who owns Myke Inc., a Canadian-controlled private corporation.
Based on current market value, if he decides to sell Myke Inc., Muhsina will have a capital gain of $400.000.
He expects the value of Myke Inc. to increase in future years and has a CNIL balance of $100,000. He wants the future increase in value to be taxed in the hands of his children, Teshi and Kaliyah, and to minimize the cost. What action should Jonah advise Muhsina to take to meet his goal?

• A.Set up a joint account with Teshi.
• B.Set up a joint account with Teshi and Kaliyah.
• C.Sell #### Inc. to his children at fair market value.
• D.Sell #### Inc. to his children for $1.

Bill is reviewing his credit bureau after being declined for a loan. He believes a loan that does not belong to him is appearing on the report. Which section should he review most closely?

• A.Inquiries.
• B.Account history or trade lines.
• C.Personal identification only.
• D.Public record information.

Rob, age 42, is married with three children in elementary school. He works as an operations supervisor at a small manufacturing company, earning $70,000 annually. Rob asks his financial planner, Wendy, to liquidate his GIC investments worth $55,000 in order to use the sale proceeds to purchase a gold stock referred to him by his friend who expects the stock to appreciate significantly. Rob has not purchased stock before. What should be Wendy's reaction to Rob's query?

• A.Delay placing the order, advise Rob to take some time to reconsider.
• B.Refuse the order and tell Rob to manage his own investments.
• C.Refrain from questioning Rob's judgment because the order is unsolicited.
• D.Review Rob's risk tolerance, time horizon, and objectives.

A client completed a financial plan two years ago. Since then, she has divorced, changed jobs, and purchased a new home. What is the planner's most appropriate recommendation?

• A.Review only the investment portfolio because the plan already exists.
• B.Update the file only if the client requests new products.
• C.Wait until the original five-year review date.
• D.Conduct a comprehensive review of goals, cash flow, insurance, tax, retirement, and estate planning.

Ivan relocates for a new job and wants to know whether his move may qualify for the work-related moving expense deduction. What minimum distance test is generally relevant?

• A.The new home must be at least 25 kilometres closer to the new work location.
• B.The new home must be at least 10 kilometres closer to the new work location.
• C.The new home must be at least 40 kilometres closer to the new work location.
• D.The new home must be at least 30 kilometres closer to the new work location.