41. All the following typically are considered discretionary expenses for cash flow statement purposes EXCEPT A. savings and investments B. household furnishings C. vacations and travel D. household maintenance costs

2. All the following statements concerning state regulation of investment advisers are correct EXCEPT A. Many states require a minimum capitalization amount as a prerequisite to granting investment adviser registration approval. B. Almost every state requires that the participants in the registered investment advisory operation have certain NASD registrations. C. The application of state law has been eliminated with respect to investment adviser representatives of SEC-registered advisers. D. State securities commissions may want to see all contracts, disclosure statements, documents, and literature the registered investment adviser used with the client.

3. As relates to the Principle of Professionalism, a CFP Board designee shall do all of the following EXCEPT A. offer advice only in those areas in which the CFP Board designee has competence B. use the marks in compliance with the rules and regulations of the CFP Board C. return the client's original records in a timely manner after their return has been requested by the client D. comply with all applicable renewal requirements established by the CFP Board

4. All the following statements concerning a client's individually owned insurance policies are correct EXCEPT A. Life insurance coverage amounts are a factor in the value of the client's estate. B. Property insurance coverage amounts are a factor in the client's liquidity position. C. Disability insurance coverages constitute one element of the client's resources available for disability needs. D. Liability insurance coverages should be analyzed to see if they provide protection against potential liability losses.

5. All the following are exempt from regulation under the Investment Advisers Act of 1940 EXCEPT A. the publisher of a financial magazine with general or regular circulation B. an accountant who gives investment advice in an incidental manner while practicing the accounting profession C. a broker or dealer who receives special compensation for advisory services D. a financial services professional whose only clients are insurance companies