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31. Which of the following is most likely to take place in the Analyze \& Evaluate Client's Financial Status step? a. After meeting with David, you prepare his current financial statements. b. In your meeting with Rosie, you sell her a new life insurance policy. c. During your meeting with Alexis, she provides you with several documents including her employee benefits information and bank statements. d. You provide your client with a description of the fees and costs of your financial planning services. Preparing and evaluating financial statements takes place in the Analyze and Evaluate step. Option B is lmplementing the Financial Plan, option C is Gathering Client Data, and Option D takes place in the Establish \& Define Client Relationship step 32. Which of the following is usually included in an engagement letter? a. Defined parties to the agreement. b. Description of the fees and costs. c. Time horizon for the work to be completed. d. All of the above. For questions 33-35, identify the stage of the financial planning process in which the planner is engaged. a. Analyze and Eyaluate Client's Financial Status b. Monitor Plan c. Establish and Define Client Relationship d. Gather Client Data e. Implement Financial Plan Recommendations f. Develop and Present Financial Planning Recommendations 33. Your client, Donald, provides you with his tax returns from the previous year. Collecting tax returns is a key component in the Gather Client Data step. 34. During their meeting with you, Johnny and June call the benefits office to adjust their tax withholding to better suit their financial needs. The action taken by Johnny and June to adjust their financial plan indicates they are in the Implementation step of the financial planning process. 35. During your meeting with Jeff, you provide him with three education saving plans to choose from. After evaluating the client's financial status, the planner must Develop and Present his Financial Planning Recommendations to the client. 36. Lisa Cooper recently came to your office for her second appointment after receiving your engagement letter. During the meeting you collect several documents from ber including her prior year tax returns, estate planning documents, and investment statements and history. You also worked with her on identifying her goals and objectives. Which of the following is the next step in the financial planning process? a. Establish and define the client relationship. b. Analyze and evaluate the elient's financial status. c. Implementing the financial plan recommendations. d. Develoning and presenting the financial olan recommendations. 37. Your client, Jed, engaged you to help him with his financial situation. During the course of your meetings you sold Jed a $1,000,000 life insurance policy. Which part of the financial planning process were you engaged in? a. Analyze and evaluate the client's financial status. b. Monitoring the plan. c. Developing and presenting the financial plan recommendations. d. Implementing the financial plan recommendations. 38. After meeting with your new client, Sid, you prepared his current financial statements. Which part of the financial planning process were you engaged in? a. Monitoring the plan. b. Establish and define the client relationship. c. Analyze and evaluate the client's financial status. d. Developing and presenting the financial plan recommendations. Preparing financial statements are part of the analyzing and evaluating the client's financial status step of the financial planning process. 39. Steve Stein, a local CFPE practitioner, recently met with one of his new clients, Merrell. During the course of the meeting Steve did the following things: 1. Steve did not meet with Merrell until 10 minutes after the scheduled start time. 2. In order to establish Merrell's confidence in him, Steve told Merrell the names of several well known clients that currently do business with him. 3. Steve asked Merrell several questions regarding Merrell's family situation, hobbies, and activities. Which of these actions would be considered inappropriate? a. 3 only. b. 1 and 2 . c. 2 and 3 . d. 1, 2 and 3. Asking questions about Merrell's family situation, hobbies and activities are appropriate because they convey a genuine interest in the client. Starting the meeting late, regardless of the reason, is inappropriate. Listing clients is generally inappropriate. If the dients have given priar permission then it would be fine, but without such permission, a financial planner should not divulge the names or specific financial information of existing clients. 40. Reverend Lola Pak, a prospective client, came to your oftice for the first time today. Which is the most appropriate way to greet her? a. "Welcome to my office." b. "Welcome to my office, Ms. Pak." c. "Welcome to my office, Reverend Pak." d. "Welcome to my office, Lola." You should always greet new dients with appropriate salutations. Since Lola is a Reverend you should identify her as such, even if you do not subscribe to her particular faith. Your goal is to make the client feel at ease with you and utilizing the client's formal salutation will help you achieve this. If she encourages you to use her first name then you can do so after your initial meeting. 41. Roy Al Pain has been a client of yours for several years. During that time, Roy has been rude to both you and your staff on numerous occasions. He has used profanities in front of your staff and other clients, thrown things, and screamed at your staff. You have tired of working with Roy and want to terminate your relationship with him. Which of the following is true? a. You must continue the relationship since only clients can end the clienteplanner relationship. b. You should consult your engagement letter to determine your rights to terminate the relationship. c. You should start to offer subpar services to Roy in hopes that he will tire of you and end your relationship. d. You should bad mouth Roy in the community and hope it gets back to him so he will decide not to work with you anymore. You should consult your engagement letter to determine your rights to terminate the relationship. All engagement letters should detail the services to be provided as well as details on how the relationship can be terminated. You should not begin to offer subpar planning as this can be considered malpractice. You should not bad mouth your clients as this violates confidentiality. 42. Which of the following items of information is least likely to be obtained from your client during the data gathering portion of the client meeting? a. General attitude towards spending. b. The income tax bracket of your client's adult children. c. Employer sponsored employee benefits. d. Repayment term of outstanding debt. Knowing the income tax bracket of your client's children may be helpful in some situations (for example, when you are determining the most appropriate gift to give a particular person) however, it is generally not essential to the financial planning process. The other three items are more relevant. 43. Rachel is 30 years old and single. She is healthy, has no children or pets. Rachel works as a human resources coordinator and earns approximately $40,000 per year. Due to her outstanding student loans, she has a fairly low net worth. She rents an apartment but does own her car outright. All of the following are likely insurance coverage needs, except? a. Life Insurance. b. Health Insurance. c. Disability lnsurance. d. Liability Insurance. Because Rachel is single with no dependents she is not likely to need life insurance. However. health, disability, and hiability insurances are definitely needed. The health insurance is needed to cover current health risks. The disability insarance is needed to cover any loss of income from disability. She also needs liability insurance to pratect future income from any liability daims. 31. Which of the following is most likely to take place in the Analyze \& Evaluate Client's Financial Status step? a. After meeting with David, you prepare his current financial statements. b. In your meeting with Rosie, you sell her a new life insurance policy. c. During your meeting with Alexis, she provides you with several documents including her employee benefits information and bank statements. d. You provide your client with a description of the fees and costs of your financial planning services. Preparing and evaluating financial statements takes place in the Analyze and Evaluate step. Option B is lmplementing the Financial Plan, option C is Gathering Client Data, and Option D takes place in the Establish \& Define Client Relationship step 32. Which of the following is usually included in an engagement letter? a. Defined parties to the agreement. b. Description of the fees and costs. c. Time horizon for the work to be completed. d. All of the above. For questions 33-35, identify the stage of the financial planning process in which the planner is engaged. a. Analyze and Eyaluate Client's Financial Status b. Monitor Plan c. Establish and Define Client Relationship d. Gather Client Data e. Implement Financial Plan Recommendations f. Develop and Present Financial Planning Recommendations 33. Your client, Donald, provides you with his tax returns from the previous year. Collecting tax returns is a key component in the Gather Client Data step. 34. During their meeting with you, Johnny and June call the benefits office to adjust their tax withholding to better suit their financial needs. The action taken by Johnny and June to adjust their financial plan indicates they are in the Implementation step of the financial planning process. 35. During your meeting with Jeff, you provide him with three education saving plans to choose from. After evaluating the client's financial status, the planner must Develop and Present his Financial Planning Recommendations to the client. 36. Lisa Cooper recently came to your office for her second appointment after receiving your engagement letter. During the meeting you collect several documents from ber including her prior year tax returns, estate planning documents, and investment statements and history. You also worked with her on identifying her goals and objectives. Which of the following is the next step in the financial planning process? a. Establish and define the client relationship. b. Analyze and evaluate the elient's financial status. c. Implementing the financial plan recommendations. d. Develoning and presenting the financial olan recommendations. 37. Your client, Jed, engaged you to help him with his financial situation. During the course of your meetings you sold Jed a $1,000,000 life insurance policy. Which part of the financial planning process were you engaged in? a. Analyze and evaluate the client's financial status. b. Monitoring the plan. c. Developing and presenting the financial plan recommendations. d. Implementing the financial plan recommendations. 38. After meeting with your new client, Sid, you prepared his current financial statements. Which part of the financial planning process were you engaged in? a. Monitoring the plan. b. Establish and define the client relationship. c. Analyze and evaluate the client's financial status. d. Developing and presenting the financial plan recommendations. Preparing financial statements are part of the analyzing and evaluating the client's financial status step of the financial planning process. 39. Steve Stein, a local CFPE practitioner, recently met with one of his new clients, Merrell. During the course of the meeting Steve did the following things: 1. Steve did not meet with Merrell until 10 minutes after the scheduled start time. 2. In order to establish Merrell's confidence in him, Steve told Merrell the names of several well known clients that currently do business with him. 3. Steve asked Merrell several questions regarding Merrell's family situation, hobbies, and activities. Which of these actions would be considered inappropriate? a. 3 only. b. 1 and 2 . c. 2 and 3 . d. 1, 2 and 3. Asking questions about Merrell's family situation, hobbies and activities are appropriate because they convey a genuine interest in the client. Starting the meeting late, regardless of the reason, is inappropriate. Listing clients is generally inappropriate. If the dients have given priar permission then it would be fine, but without such permission, a financial planner should not divulge the names or specific financial information of existing clients. 40. Reverend Lola Pak, a prospective client, came to your oftice for the first time today. Which is the most appropriate way to greet her? a. "Welcome to my office." b. "Welcome to my office, Ms. Pak." c. "Welcome to my office, Reverend Pak." d. "Welcome to my office, Lola." You should always greet new dients with appropriate salutations. Since Lola is a Reverend you should identify her as such, even if you do not subscribe to her particular faith. Your goal is to make the client feel at ease with you and utilizing the client's formal salutation will help you achieve this. If she encourages you to use her first name then you can do so after your initial meeting. 41. Roy Al Pain has been a client of yours for several years. During that time, Roy has been rude to both you and your staff on numerous occasions. He has used profanities in front of your staff and other clients, thrown things, and screamed at your staff. You have tired of working with Roy and want to terminate your relationship with him. Which of the following is true? a. You must continue the relationship since only clients can end the clienteplanner relationship. b. You should consult your engagement letter to determine your rights to terminate the relationship. c. You should start to offer subpar services to Roy in hopes that he will tire of you and end your relationship. d. You should bad mouth Roy in the community and hope it gets back to him so he will decide not to work with you anymore. You should consult your engagement letter to determine your rights to terminate the relationship. All engagement letters should detail the services to be provided as well as details on how the relationship can be terminated. You should not begin to offer subpar planning as this can be considered malpractice. You should not bad mouth your clients as this violates confidentiality. 42. Which of the following items of information is least likely to be obtained from your client during the data gathering portion of the client meeting? a. General attitude towards spending. b. The income tax bracket of your client's adult children. c. Employer sponsored employee benefits. d. Repayment term of outstanding debt. Knowing the income tax bracket of your client's children may be helpful in some situations (for example, when you are determining the most appropriate gift to give a particular person) however, it is generally not essential to the financial planning process. The other three items are more relevant. 43. Rachel is 30 years old and single. She is healthy, has no children or pets. Rachel works as a human resources coordinator and earns approximately $40,000 per year. Due to her outstanding student loans, she has a fairly low net worth. She rents an apartment but does own her car outright. All of the following are likely insurance coverage needs, except? a. Life Insurance. b. Health Insurance. c. Disability lnsurance. d. Liability Insurance. Because Rachel is single with no dependents she is not likely to need life insurance. However. health, disability, and hiability insurances are definitely needed. The health insurance is needed to cover current health risks. The disability insarance is needed to cover any loss of income from disability. She also needs liability insurance to pratect future income from any liability daims