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CFP Certification Exam: Practice Questions
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CFP certification practice questions in the U.S. are 170-question, scenario-based, multiple-choice, and case-study items designed to mimic the 6-hour, two-section CFP Board exam. They cover eight key domains, including tax, retirement, and estate planning, focusing on application rather than recall. Official, full-length simulations are available via the CFP Board website.  Content Domains: Questions cover eight main areas: Professional Conduct, General Principles, Risk Management, Investment Planning, Tax Planning, Retirement Savings, Estate Planning, and Psychology of Financial... Show more
CFP Certification Exam: Practice Questions
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25 Questions

1. Distributions from a 401k plan following separation from service after age __________ are not subject to the __________ premature distribution penalty.
2. The allowable discount for employer-provided services is limited to __________ of the price at which the employer offers the same services to non-employees.
3. All but which of the following are correct regarding the National Association of Insurance Commissioners (NAIC)?
4. According to the Principle of __________, a CFP® Board designee shall act in the interest of the client. (This question is subject to change after October 1, 2019, when the CFP® Board adopts its new Code of Ethics and Standards of Conduct.)
5. A CRUT is designed to permit payment of trust assets to a __________ with the remainder passing to a __________.
6. Martin, an individual taxpayer, donated $50,000 cash to the United Way last year when his gross income was $76,000. This year, when his gross income is $80,000, he makes no donations to charity. Martin could deduct __________ last year and _________ this year.
7. Which of the following is not a type of REIT?
8. To avoid the underpayment of tax penalty, a self-employed individual must make estimated payments that are equal to the lesser of __________ of the tax liability shown on the current year’s tax return, or __________ of the tax liability shown on the previous year’s tax return, if the taxpayer’s AGI for last year was $150,000 or less.
9. Which of the following entities impose the reporting and disclosure requirements for defined benefit plans?
10. A cash balance plan is a __________ plan with features similar to a __________ plan.
11. If a personal auto policy (PAP) has Part A liability coverage of $25,000/$50,000/$15,000, which of the following is correct?
12. For a qualified retirement plan to pass the ratio test, the percentage of non-highly compensated employees who benefit under the plan must be at least __________ of the percentage of highly compensated employees who benefit under the plan.
13. Which of the following plans require immediate vesting?
14. Which of the following are correct regarding ISOs and NQSOs?
(1) Unlike an ISO, an NQSO does not have to meet any specific holding period rules.
(2) Unlike an NQSO, an ISO does not have to meet any specific holding period rules.
(3) With an ISO, the employee incurs a taxable event at the time the option is exercised.
(4) With an NQSO, the employee incurs a taxable event at the time the option is exercised.
15. Which of the following are among the requirements for an employee to be considered a key employee?
(1) 5% owner
(2) 1% owner with compensation exceeding $105,000
(3) An executive of the company with compensation exceeding $150,000
(4) An officer of the company with compensation exceeding $180,000
16. A Section 412i plan, sometimes known as a fully insured pension plan, is funded exclusively with which of the following?
17. American Depository Receipts (ADRs) have which of the following characteristics?
(1) Dividends paid from an ADR are first declared in the local currency.
(2) American Depository Receipts eliminate exchange rate risk.
18. __________ risk cannot be eliminated through diversification because it affects the entire market. __________ risk may be diversified away or avoided by not investing in stocks that exhibit the risk.
19. Regarding hazards and perils, which of the following is correct concerning the risk of smoking a cigar indoors?
(1) Smoking a cigar indoors is a hazard.
(2) Smoking a cigar indoors is a peril.
(3) A fire that results from smoking indoors is a hazard.
(4) A fire that results from smoking indoors is a peril.
20. A qualified beneficiary has __________ following a qualifying event to elect COBRA continuation coverage.
21. Which of the following are included as part of the financial planning step “Implementing the financial plan”?
(1) Identifying activities necessary for implementation
(2) Selecting products and services
(3) Referring to other professionals
(4) Coordinating with other professionals
22. An investor buys 100 shares of ABC stock for $60 per share with an initial margin of 50% and a 30% maintenance margin. At what price will the investor receive a margin call?
23. Which of the following is/are correct regarding use of the marital deduction?
(1) Probate is required to take full advantage of the marital deduction.
(2) The marital deduction is phased out for estates in excess of $10 million.
24. Which of the following accurately describes ESPPs, ISOs, and NQSOs?
25. A photographer can no longer afford to replace his expensive camera that is constantly being damaged on photo shoots. He decides to only edit photos rather than take pictures. Which method of risk management is the photographer using?

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