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Questions and Answers of Personal Financial Planning

Prepare the strategic approach.
Prepare the cash flow approach.
Prepare the two-step, three panel, metrics approach with schedules.
Prepare each of the ratios and compare them to the benchmark.
Prepare financial statement analysis using a ratio analysis approach.
Create the pie chart approach.
Gather internal and external data and prepare financial statements.
Prepare a comprehensive engagement letter.
Describe an initial meeting and summarize data and draw conclusions for the lifecycle approach.
A windfall recipient, in addition to often being ecstatic, has a lot of work to do to help ensure that the unexpected wealth is not squandered.a. Trueb. False
Clients only need savings equal to 3 to 6 months of income as an emergency fund.a. Trueb. False
Explain the recommendations for a windfall recipient.
Explain the general rule of thumb regarding the amount of money neces- sary for an emergency fund.
All property must pass through probate.a. Trueb. False
The Defense of Marriage Act defines what a marriage is for federal law.a. Trueb. False
Traditional marriage has been on the rise over the last decade.a. Trueb. False
Identify the four ways property passes to heirs or legatees.
Explain how the Defense of Marriage Act impacts federal law with respect to the definition of marriage.
Explain what is meant by non-tradi- tional household.
In addition to the recommendations for a terminally ill person, the financial planner should consider the emotional issues.a. Trueb. False
One of the common mistakes that are made in a divorce is to not identify the types of property, such as separate or inherited property.a. Trueb. False
There are few steps that need to be undertaken with a client who is going through a divorce.a. Trueb. False
Prepare a closing engagement letter that includes the responsibility for implementation and monitoring.
Make a presentation to the client using current and projected financial statements and ratios.
Prepare the present value of all goals approach.
Prepare the strategic approach.
Prepare the tax analysis approach.
Prepare the cash flow approach.
Prepare the two-step, three panel, metrics approach with schedules.
Prepare each of the ratios and compare them to the benchmark.
Prepare financial statement analysis using a ratio analysis approach.
Create the pie chart approach.
Gather internal and external data and prepare financial statements.
Prepare a comprehensive engagement letter.
Describe an initial meeting and summarize data and draw conclusions for the lifecycle approach.
Some studies have suggested that up to 70% of lottery winners lose their winnings within as short as a seven-year period. What are some of the reasons that might cause this or cause others who have
Terminal illness can be devastating for a family. Which of the following is not correct?• The emotional issues are not relevant to the financial advisor.• Estate documents should be reviewed and
Divorce is a very emotional time for those who are going through it and assistance from a financial advisor is generally helpful. Which of the following are common mistakes that are made by those
The statement, “Adam is a very pleasant young man who is interested in animals and is generally skilled with computers” might be found in what document?• Family trust or third party trust.• A
‘Trusts are a general tool that are beneficial in many financial planning situations. Many trust benefits, such as asset protection and control, are appropriate considerations for a family with a
Trusts are a general tool that are beneficial in many financial planning situations. Many trust benefits, such as asset protection and control, are appropriate considerations for a family with a
Providing a good home and maintaining a family is challenging enough without a special needs dependent. However, it becomes much more complicated with a child who is disabled or who has special
Approximately how any families are raising one or more children with a disability?• Less than half a million.• Between half a million and a million• Between a million and 2 million• More than
Which of the following is not an example of a special needs situation?• Planning for Candice, who has a daughter that is autistic.• Planning for the Smith family with three boys ages 2, 3 and
What are the general recommendations for someone who has a financial windfall, such as winning the lottery or received a substantial inheritance?
How many months of income is the recommended amount to be accumulated as an emergency fund?
What are the four ways property can transfer at death?
Why is it important to understand federal and state law regarding the definition of marriage?
What are the trends regarding married status in the United States?
What are the recommendations for someone with a terminal illness?
What are some of the common mistakes that are made in a divorce?
List the recommendations for divorcing couples.
List several topics that might be included ina l etter of intent.
What are some of the requirement for a special needs trust under 42 U.S.C. Sec.1396p(d)(4)(A)?
Describe a third party special needs trust.
What are the three types of special needs trusts?
What are some of the tasks that should be completed by a caretaker of a special need dependent?
Where can parents or guardians obtain information about benefits for special needs dependents?
What are some of the important concerns of a parent or guardian regarding a special needs dependent?
How prevalent are special needs dependents?
List six special circumstances outside a normal financial planning engagement.
List the recommendations for a termi- nally ill planning situation.
Identify the common mistakes that are made in a divorce.
Identify the recommendations for cou- ples that are going through a divorce.
One of the key elements to a letter of intent is medical history.a. Trueb. False
The three types of special needs trusts identified in the chapter are the Third Party SNT, the SNT created from the Omnibus Budget Reconciliation Act of 1993 and the Pooled Trust.a. Trueb. False
A special needs trust allows family members to provide for a special needs person without adversely effecting gov- ernment benefits.a. Trueb. False
Identify the key elements to a letter of intent.
Identify and explain the three types of special needs trusts.
Explain the benefits for special needs trusts.
It is important that the special needs person have less than $100,000 to ensure that they retain their eligibility for governmental programs.a. Trueb. False
The only relevant issues that a financial planner should be aware of for a special needs situation are the financial issues.a. Trueb. False
An estimated 2.8 million families are raising at least one child aged 5 to 17 with a disability in the US.a. Trueb. False
The seven common client profiles iden- tified are helpful to understand the gen- eral population but do not address special needs situations.a. Trueb. False
Understand the key steps and tasks that a caretaker should perform regarding a special needs person.
List the types of issues that related to a special needs situation.
Identify the statistics regarding the fre- quency and types of special needs situa- tions.
Identify the common client profiles and their typical financial risks and goals?
The CFP publishes a review of miscon- duct cases processed by the CFP Board and the Commission.a. Trueb. False
When the Commission finds grounds for discipline, the following forms of discipline available include private cen- sure, public letter of admonition, sus- pension, revocation, and discipline
Define anonymous case histories and determine the purpose of publishing them.
Identify the "always bar list" and the "presumption list."
Determine the purpose of the Candi- date Fitness Standards.
Facilitating the goal-setting process and clarifying the client's goals and objec- tives is part of the Practice Standards 200 Series: Gathering Client Data.a. Trueb. False
In accordance with Practice Standard 200 Series, the financial planner and cli- ent mutually define the scope of engage- ment.a. Trueb. False
The Practice Standards are designed to be a basis for legal liability to any third party and establishes the level of profes- sional practice expected of certificants engaged in financial planning.a.
Identify the six series of the Practice Standards.
Identify the description of the Practice Standards.
The duty of care of a fiduciary involves acting in a manner that is in the best interest of the client.a. Trueb. False
Rule 1.4 of the Rules of Conduct pro- vides that a certificant has the duty of care of a fiduciary as defined by the CFP Board when providing financial plan- ning or "material elements" of financing
The Rules of Conduct are organized into seven different principles of ethics and professional ideals that certificants and registrants are expected to enact into their professional activities.a.
Determine the CFP Board definition of a fiduciary.
Identify the six different categories of the Rules of Conduct.
The Code of Ethics includes tenets of fairness and professionalism which financial professionals should aspire or, are examples of how certificants and registrants should act.a. Trueb. False
The Standards of Professional Conduct include the Code of Ethics, Rules of Conduct, Practice Standards, Disciplin- ary Rules, and the Candidate Fitness Standards.a. Trueb. False
Recommend strategies that can be implemented to help ensure the appropriate management and transfer of assets to a same-sex, nontraditional and/or non-married partners.
Identify the impact of divorce and/or remarriage on an estate plan including asset titling and distribution, changes in beneficiary status, and selection of heirs.
Evaluate the need for and recommend financial management strategies for clients with special challenges. Examples of these groups include: single head-of-household families, non-traditional families,
List and discuss the financial planning recommendations for a windfall recipient.
Discuss the issues related to financial planning for a financial windfall.

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