CDFA EXAM STUDY GUIDE EXAM MATERIALS
QUESTIONS WITH VERIFIED SOLUTIONS
CURRENTLY TESTED AND APPROVED NEW
MODIFIED 2026 LATEST
Form _________ reports deductions for depreciation and amortization
as well as provides information on the business/investment use of
automobiles and other listed property. --CORRECT ANSWER--Form
4562
Form ___________ reports the sale or exchange of business property
and the computation of recapture amounts under sections 179 and
280F(b)(2). --CORRECT ANSWER--Form 4797
An __________________ is a person who is qualified to keep, audit,
and inspect the financial records of individuals or business concerns
and prepares financial and tax reports. --CORRECT ANSWER--
Accountant
An ___________ is a person whose work is to calculate statistically
risks, premiums, and life expectancies for insurance and pension
plans. --CORRECT ANSWER--Actuary
Page 1 of 59
,An ________________ person who is legally qualified and licensed
to represent a person in a legal matter, such as a transaction or
lawsuit. --CORRECT ANSWER--Attorney
A _________________ is an individual who is trained in evaluating
and assigning a value to a business. --CORRECT ANSWER--
Business Valuator
A __________________ is the legal proceeding by which a marriage
is legally terminated. It may be contested (where one party denies the
allegation or wants to keep the marriage in place) or uncontested. --
CORRECT ANSWER--Divorce
A _______________ is an individual who has been trained to assist
people in coming to an agreement, especially one that reconciles
differences between disputants. --CORRECT ANSWER--Mediator
A ________________________ is an individual who is qualified to
calculate the value of defined benefit pension plans, such as the
marital portion of a plan for the division of assets in a divorce. --
CORRECT ANSWER--Pension Valuator
Page 2 of 59
,An employee who has at least five years of service must have a non-
forfeitable right to 100% of the employee's accrued benefit [IRC
§411(a)(2)(A)]. --CORRECT ANSWER--5-year cliff vesting
An employee who has completed at least three years of service must
have a non-forfeitable right to at least the following percentages of his
or her accrued benefit: 20% after three years of service, 40% after
four years of service, 60% after five years of service, 80% after six
years of service, and 100% after seven years of service [IRC
§411(a)(2)(B)]. --CORRECT ANSWER--3- to 7-year vesting (7-year
graded vesting)
3-year cliff vesting or 6-year graded vesting. --CORRECT ANSWER-
-Top-heavy plans or matching contributions typically use _________
vesting
Schedule ____ may help identify unlisted assets or sources of income.
For example, property taxes may reveal real property or a boat that
one spouse does not know exists; and gambling losses would reveal
that there are gambling winnings. --CORRECT ANSWER--Schedule
A: Itemized Deductions
Page 3 of 59
, Schedule ____ identifies the assets and investments generating
interest and dividends. --CORRECT ANSWER--Schedule B: Interest
and Ordinary Dividends
Schedule ___ may be a place to hide assets or income. For example,
depreciation expense is not a cash outflow and should sometimes be
added back to net income to determine actual income. The
depreciation schedule may also reveal additional assets in the
business. --CORRECT ANSWER--Schedule C: Profit or Loss from
Business
Schedule _______ is used to report gains and losses from the sale of
stocks, bonds, and real estate. --CORRECT ANSWER--Schedule D:
Capital Gains and Losses
Schedule _____ is used to report income from rental properties,
royalties, partnerships, and S-corporation income. Depreciation would
be something to review. --CORRECT ANSWER--Schedule E:
Supplemental Income and Loss
Form _________ is used to report partnership income. --CORRECT
ANSWER--Form 1065
Page 4 of 59
QUESTIONS WITH VERIFIED SOLUTIONS
CURRENTLY TESTED AND APPROVED NEW
MODIFIED 2026 LATEST
Form _________ reports deductions for depreciation and amortization
as well as provides information on the business/investment use of
automobiles and other listed property. --CORRECT ANSWER--Form
4562
Form ___________ reports the sale or exchange of business property
and the computation of recapture amounts under sections 179 and
280F(b)(2). --CORRECT ANSWER--Form 4797
An __________________ is a person who is qualified to keep, audit,
and inspect the financial records of individuals or business concerns
and prepares financial and tax reports. --CORRECT ANSWER--
Accountant
An ___________ is a person whose work is to calculate statistically
risks, premiums, and life expectancies for insurance and pension
plans. --CORRECT ANSWER--Actuary
Page 1 of 59
,An ________________ person who is legally qualified and licensed
to represent a person in a legal matter, such as a transaction or
lawsuit. --CORRECT ANSWER--Attorney
A _________________ is an individual who is trained in evaluating
and assigning a value to a business. --CORRECT ANSWER--
Business Valuator
A __________________ is the legal proceeding by which a marriage
is legally terminated. It may be contested (where one party denies the
allegation or wants to keep the marriage in place) or uncontested. --
CORRECT ANSWER--Divorce
A _______________ is an individual who has been trained to assist
people in coming to an agreement, especially one that reconciles
differences between disputants. --CORRECT ANSWER--Mediator
A ________________________ is an individual who is qualified to
calculate the value of defined benefit pension plans, such as the
marital portion of a plan for the division of assets in a divorce. --
CORRECT ANSWER--Pension Valuator
Page 2 of 59
,An employee who has at least five years of service must have a non-
forfeitable right to 100% of the employee's accrued benefit [IRC
§411(a)(2)(A)]. --CORRECT ANSWER--5-year cliff vesting
An employee who has completed at least three years of service must
have a non-forfeitable right to at least the following percentages of his
or her accrued benefit: 20% after three years of service, 40% after
four years of service, 60% after five years of service, 80% after six
years of service, and 100% after seven years of service [IRC
§411(a)(2)(B)]. --CORRECT ANSWER--3- to 7-year vesting (7-year
graded vesting)
3-year cliff vesting or 6-year graded vesting. --CORRECT ANSWER-
-Top-heavy plans or matching contributions typically use _________
vesting
Schedule ____ may help identify unlisted assets or sources of income.
For example, property taxes may reveal real property or a boat that
one spouse does not know exists; and gambling losses would reveal
that there are gambling winnings. --CORRECT ANSWER--Schedule
A: Itemized Deductions
Page 3 of 59
, Schedule ____ identifies the assets and investments generating
interest and dividends. --CORRECT ANSWER--Schedule B: Interest
and Ordinary Dividends
Schedule ___ may be a place to hide assets or income. For example,
depreciation expense is not a cash outflow and should sometimes be
added back to net income to determine actual income. The
depreciation schedule may also reveal additional assets in the
business. --CORRECT ANSWER--Schedule C: Profit or Loss from
Business
Schedule _______ is used to report gains and losses from the sale of
stocks, bonds, and real estate. --CORRECT ANSWER--Schedule D:
Capital Gains and Losses
Schedule _____ is used to report income from rental properties,
royalties, partnerships, and S-corporation income. Depreciation would
be something to review. --CORRECT ANSWER--Schedule E:
Supplemental Income and Loss
Form _________ is used to report partnership income. --CORRECT
ANSWER--Form 1065
Page 4 of 59
