CDFA EXAM | NEWEST ACTUAL ACCURATE
EXAM COMPLETE QUESTIONS AND
DETAILED VERIFIED ANSWERS GRADED A+
| 100% VERIFIED | 2024 UPDATE!!!
During Tammy's marriage, she received gifts that included two rings,
some books, an antique dresser, and $2,000 from her mother. She put
the $2,000 into a joint account with her mother. Which assets are
considered Tammy's separate property?
a) Two rings, some books, and an antique dresser
b) Two rings, some books, an antique dresser, and $2,000
c) $0
d) $2,000 - ✔✔✔ Correct Answer > b) Two rings, some books, an
antique dresser, and $2,000
How many ex-spouses may collect on one worker's Social Security
retirement benefits, assuming all other requirements are met?
a) One
b) Two
c) Three
,d) Unlimited - ✔✔✔ Correct Answer > d) Unlimited
Bob (age 65) and Sally (age 57) divorced after ten years of marriage.
Bob received Social Security of $1,000 per month. Sally's Social Security
benefit will be $750 per month at retirement. Bob died shortly after the
divorce. How much will Sally be able to collect from Social Security at
the time of Bob's death?
a) $0
b) $500
c) $750
d) $1,000 - ✔✔✔ Correct Answer > a) $0, she is not 60 yet.
Many states would consider property to be marital property if it had
which of the following attributes?
a) It increased in value and was maintained as separate property.
b) It was brought into the marriage and maintained as separate
property.
c) It was inherited and maintained as separate property.
d) It was a gift and was maintained as separate property. - ✔✔✔
Correct Answer > a) It increased in value and was maintained as
separate property.
,Which of the following is true about community property status?
a) It can be purged by moving to an equitable distribution state for one
year.
b) It can be purged by filing for divorce in an equitable distribution
state.
c) Property cannot be purged of its community property status.
d) It cannot be purged unless the court in the originating community
property state consents. - ✔✔✔ Correct Answer > c) Property cannot
be purged of its community property status.
Which of the following is a true statement regarding property
settlement notes?
a) They do not impose interest on the payor.
b) They can qualify as spousal support for tax purposes.
c) They can be collateralized with a QDRO.
d) They are completely taxable. - ✔✔✔ Correct Answer > c) They can
be collateralized with a QDRO.
Steve and Heidi agreed to divide their assets equally. Heidi is taking the
home, car, and furniture, and Steve is taking his 401(k) and a rental
property. What would the financial impact be after five years?
, a) Heidi's working capital would absolutely be higher than Steve's.
b) Steve's working capital would absolutely be higher than Heidi's.
c) Heidi's net worth would probably be higher than Steve's.
d) Steve's net worth would probably be higher than Heidi's. - ✔✔✔
Correct Answer > d) Steve's net worth would probably be higher than
Heidi's.
- Heidi is likely to have lower working capital
- Heidi has chosen assets that appreciate slowly or depreciate and they
take money to maintain
- Steve's assets will increase in value or produce income.
Which of the following is NOT a way a person could try to hide assets
from his or her spouse?
a) Deny the existence of an asset.
b) Transfer assets to a third party.
c) Create false debt.
d) Set up an account in his or her spouse's name. - ✔✔✔ Correct
Answer > d) Set up an account in his or her spouse's name.
To discover hidden assets, a CDFA® professional should review tax
returns going back how many years?
EXAM COMPLETE QUESTIONS AND
DETAILED VERIFIED ANSWERS GRADED A+
| 100% VERIFIED | 2024 UPDATE!!!
During Tammy's marriage, she received gifts that included two rings,
some books, an antique dresser, and $2,000 from her mother. She put
the $2,000 into a joint account with her mother. Which assets are
considered Tammy's separate property?
a) Two rings, some books, and an antique dresser
b) Two rings, some books, an antique dresser, and $2,000
c) $0
d) $2,000 - ✔✔✔ Correct Answer > b) Two rings, some books, an
antique dresser, and $2,000
How many ex-spouses may collect on one worker's Social Security
retirement benefits, assuming all other requirements are met?
a) One
b) Two
c) Three
,d) Unlimited - ✔✔✔ Correct Answer > d) Unlimited
Bob (age 65) and Sally (age 57) divorced after ten years of marriage.
Bob received Social Security of $1,000 per month. Sally's Social Security
benefit will be $750 per month at retirement. Bob died shortly after the
divorce. How much will Sally be able to collect from Social Security at
the time of Bob's death?
a) $0
b) $500
c) $750
d) $1,000 - ✔✔✔ Correct Answer > a) $0, she is not 60 yet.
Many states would consider property to be marital property if it had
which of the following attributes?
a) It increased in value and was maintained as separate property.
b) It was brought into the marriage and maintained as separate
property.
c) It was inherited and maintained as separate property.
d) It was a gift and was maintained as separate property. - ✔✔✔
Correct Answer > a) It increased in value and was maintained as
separate property.
,Which of the following is true about community property status?
a) It can be purged by moving to an equitable distribution state for one
year.
b) It can be purged by filing for divorce in an equitable distribution
state.
c) Property cannot be purged of its community property status.
d) It cannot be purged unless the court in the originating community
property state consents. - ✔✔✔ Correct Answer > c) Property cannot
be purged of its community property status.
Which of the following is a true statement regarding property
settlement notes?
a) They do not impose interest on the payor.
b) They can qualify as spousal support for tax purposes.
c) They can be collateralized with a QDRO.
d) They are completely taxable. - ✔✔✔ Correct Answer > c) They can
be collateralized with a QDRO.
Steve and Heidi agreed to divide their assets equally. Heidi is taking the
home, car, and furniture, and Steve is taking his 401(k) and a rental
property. What would the financial impact be after five years?
, a) Heidi's working capital would absolutely be higher than Steve's.
b) Steve's working capital would absolutely be higher than Heidi's.
c) Heidi's net worth would probably be higher than Steve's.
d) Steve's net worth would probably be higher than Heidi's. - ✔✔✔
Correct Answer > d) Steve's net worth would probably be higher than
Heidi's.
- Heidi is likely to have lower working capital
- Heidi has chosen assets that appreciate slowly or depreciate and they
take money to maintain
- Steve's assets will increase in value or produce income.
Which of the following is NOT a way a person could try to hide assets
from his or her spouse?
a) Deny the existence of an asset.
b) Transfer assets to a third party.
c) Create false debt.
d) Set up an account in his or her spouse's name. - ✔✔✔ Correct
Answer > d) Set up an account in his or her spouse's name.
To discover hidden assets, a CDFA® professional should review tax
returns going back how many years?
