Page 1 of 269
CANNON FINANCIAL INSTITUTE CFIRS
LATEST VERSION 2026-2027 WITH
COMPLETE 400 QUESTIONS AND ANSWERS
WITH JUST RELEASED
TITLE:
Certified Fiduciary & Investment Risk Specialist (CFIRS®) Examination
INSTITUTION:
Cannon Financial Institute
EDITION:
Latest Version
YEAR:
2026–2027
TOTAL QUESTIONS:
400 Questions & Answers (Practice Compilation)
TYPE OF QUESTIONS:
Multiple Choice Questions (MCQs)
EXAM FORMAT:
• Objective-based assessment
• Scenario-based and knowledge-based questions
• Single best answer selection
EXAM DESCRIPTION:
This examination assesses candidates’ competency in fiduciary responsibilities, investment risk
management, trust audit, and compliance practices within the financial services industry.
INSTRUCTIONS:
1
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• Read each question carefully before answering
• Select the most appropriate answer from the options provided
• All questions carry equal marks
• No negative marking unless otherwise stated
• Time allocation: As determined by exam provider
"In many jurisdictions, unless the power to revoke is specified, the trust is said to be:
a. Void.
b. Amendable.
c. Revocable.
d. Irrevocable.
"
D
"If a person dies, intestate, they died:
a. With a bankrupt estate.
b. Without a valid will.
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c. Without a surviving spouse.
d. In transit between two states.
"
B
"An individual holding a testamentary general power of appointment will be taxed on which
of the following:
a. A percentage of the income only if the power is exercised.
b. A fraction or percentage of both the ordinary income and capital gains for the period of
time the power is available but not exercised.
c. The full value of the property subject to the power will be included in the holder's estate.
d. A fraction or percentage of both the ordinary income and capital gains for the period of
time the power is available only if exercised.
"
C
"An estate tax return (Form 706) is due:
a. 90 days from date of death.
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b. 9 months from date of death.
c. By April 15th of the year following date of death.
d. Within a reasonable time based on the size and complexity of the estate.
"
B
"A decedent owns $400,000 in her own name, a $150,000 home jointly with her spouse, and
ownership of $100,000 life insurance policy with the children as beneficiaries. The amount of
her gross estate is:
a. $250,000
b. $400,000
c. $575,000
d. $650,000
"
C
"In making an encroachment for the beneficiary, the trustee should:
a. Follow directions of the beneficiary.
4
SUCCESS!
CANNON FINANCIAL INSTITUTE CFIRS
LATEST VERSION 2026-2027 WITH
COMPLETE 400 QUESTIONS AND ANSWERS
WITH JUST RELEASED
TITLE:
Certified Fiduciary & Investment Risk Specialist (CFIRS®) Examination
INSTITUTION:
Cannon Financial Institute
EDITION:
Latest Version
YEAR:
2026–2027
TOTAL QUESTIONS:
400 Questions & Answers (Practice Compilation)
TYPE OF QUESTIONS:
Multiple Choice Questions (MCQs)
EXAM FORMAT:
• Objective-based assessment
• Scenario-based and knowledge-based questions
• Single best answer selection
EXAM DESCRIPTION:
This examination assesses candidates’ competency in fiduciary responsibilities, investment risk
management, trust audit, and compliance practices within the financial services industry.
INSTRUCTIONS:
1
SUCCESS!
,Page 2 of 269
• Read each question carefully before answering
• Select the most appropriate answer from the options provided
• All questions carry equal marks
• No negative marking unless otherwise stated
• Time allocation: As determined by exam provider
"In many jurisdictions, unless the power to revoke is specified, the trust is said to be:
a. Void.
b. Amendable.
c. Revocable.
d. Irrevocable.
"
D
"If a person dies, intestate, they died:
a. With a bankrupt estate.
b. Without a valid will.
2
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,Page 3 of 269
c. Without a surviving spouse.
d. In transit between two states.
"
B
"An individual holding a testamentary general power of appointment will be taxed on which
of the following:
a. A percentage of the income only if the power is exercised.
b. A fraction or percentage of both the ordinary income and capital gains for the period of
time the power is available but not exercised.
c. The full value of the property subject to the power will be included in the holder's estate.
d. A fraction or percentage of both the ordinary income and capital gains for the period of
time the power is available only if exercised.
"
C
"An estate tax return (Form 706) is due:
a. 90 days from date of death.
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, Page 4 of 269
b. 9 months from date of death.
c. By April 15th of the year following date of death.
d. Within a reasonable time based on the size and complexity of the estate.
"
B
"A decedent owns $400,000 in her own name, a $150,000 home jointly with her spouse, and
ownership of $100,000 life insurance policy with the children as beneficiaries. The amount of
her gross estate is:
a. $250,000
b. $400,000
c. $575,000
d. $650,000
"
C
"In making an encroachment for the beneficiary, the trustee should:
a. Follow directions of the beneficiary.
4
SUCCESS!
