Liberty University BUSI 352 Retirement Planning Final Exam Questions And Answers Accurately Solved.

A Good Financial Planning Report must include an analysis of the following EXCEPT: A.) Where you are now B.) Where you want to be C.) Why you failed previously D.) How to Reach your Goals - correct answer C.) Why you failed previously Usual Financial Planning Goals include the Following EXCEPT: A.) Retirement Planning B.) Current Lifestyle C.) Career Planning D.) Estate Planning - correct answer C.) Career Planning Which of the following is true regarding the contents of a financial plan? A.) The length of the presentation should always be the same, regardless of the contents of the plan. B.) Once the plan is in place, it should not be changed C.) Checklists are usually a bad idea in the plan D.) The Plan should have a discussion of how to achieve goals - correct answer D.) The plan should have a discussion of how to achieve goals The 6 Steps in the financial management process outline by the authors include the following EXCEPT: A.) Establish Goals B.) Collect Data C.) Measure Performance D.) Establish Living Wills - correct answer D.) Establish Living Wills Which of the following is true regarding risk? A.) Attitudes towards risk are east to measure B.) defining the nature of risk is objective for each person C.) Attitudes about risk are likely to change over a persons lifetime D.) Risk attitudes are due to factors that are relatively east to deal with - correct answer C.) Attitudes about risk are likely to change over a persons lifetime Which of the following statements is true regarding financial objectives? A.) Good Financial Objectives are stated in aspirational terms B.) All financial objectives have a short time horizon C.) After they have been identified, they should be prioritized D.) Once identified, they do no need to be revisited - correct answer C.) After they have been identified, they should be prioritized Which of the following is true regarding developing a financial plan? A.) This involves budgeting income and expenses B.) If a client needs an emergency find, no recommendations are needed C.) Estimating returns should not be needed D.) The Planner should guard against projections of the client's expected income - correct answer A.) This involves budgeting income and expenses Which of the following is true regarding Taxes? A.) High tax brackets indicate planning opportunities B.) It is not possible to shift income through gifting C.) It is not really possible to save on taxes by deferring income D.) It is not possible to transfer wealth through generations tax free - correct answer A.) high tax brackets indicate planning opportunities Which of the following is NOT a part of the definition of an investment adviser as defined by the investment ad visor act of 1940? A.) Provides advice regarding securities B.) Is in the business of providing advice C.) Holds a CFP or series 7 license D.) receives compensation for advice - correct answer C.) Holds a CFP or series 7 license The Act defines compensation as A.) Commission only B.) Fees only C.) Receipt of any economic benefit D.) 12(b) 1 fees only - correct answer C.) receipt of any economic benefit Which of the following is NOT exempt from the definition of an investment adviser A.) publisher of the local newspaper, the daily beagle B.) Insurance agent who advises clients about no load mutual funds C.) those who advise clients solely about U.S. Treasury Obligations D.) Local attorney who occasionally advises clients about setting up an investment accounts for the jury awards - correct answer B.) Insurance Agent who advises clients about no load mutual funds The "Brochure rule" requires that the investment adviser do which of the following? A.) Provide the client with an audited financial statement of the advisers net worth B.) Deliver a written disclosure document (such as part II ADV) to each client C.) Provide a copy of part I ADV to each client D.) Provide clients with copies of the advisers marketing brochure - correct answer B.) Deliver a written disclosure document (such as Part II ADV) to each client The anti-fraud provisions of the Act applies to: A.) All investment advisers, even those who are exempt from registration B.) Only those who must register with the SEC or the states C.) Only situations where security transactions take place D.) Only advisers of pension plans - correct answer A.) All investment advisers, even those who are exempt from registration Rules issued by the SEC require investment advisers to do the following EXCEPT: A.) Adopt a code of ethics B.) Designate a chief compliance officer C.) Adopt policies for disaster recovery D.) Accept only U.S. citizens as clients - correct answer D.) Accept only U.S. citizens as clients All of the following are the disciplinary actions that the CFP board may take against a financial adviser ho is in violation of the code of ethics EXCEPT: A.) Private Censure B.) Lawsuit against the adviser in federal court C.) Public letter of admonition