1|Page
CDFA EXAM LATEST 2024/2025 WITH ACTUAL
QUESTIONS AND CORRECT VERIFIED
ANSWERS/ALREADY GRADED A+
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)]. - .....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)]. - .....ANSWER ...✔✔ 3- to
7-year vesting (7-year graded vesting)
3-year cliff vesting or 6-year graded vesting. -
.....ANSWER ...✔✔ Top-heavy plans or matching
contributions typically use _________ vesting
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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. - .....ANSWER ...✔✔
Schedule A: Itemized Deductions
Schedule ____ identifies the assets and investments
generating interest and dividends. - .....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. -
.....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. -
.....ANSWER ...✔✔ Schedule D: Capital Gains and
Losses
Schedule _____ is used to report income from rental
properties, royalties, partnerships, and S-corporation
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income. Depreciation would be something to review. -
.....ANSWER ...✔✔ Schedule E: Supplemental Income
and Loss
Form _________ is used to report partnership income. -
.....ANSWER ...✔✔ Form 1065
Form __________ is used to report corporate income -
.....ANSWER ...✔✔ Form 1120
Form ___________ is used to report corporate income
for S corporations. - .....ANSWER ...✔✔ Form 1120S
Schedule ____________________ includes additional
income, such as capital gains, unemployment
compensation, prize or award money, and gambling
winnings. It also includes deductions such as student loan
interest, self-employment tax, and educator expenses. -
.....ANSWER ...✔✔ Schedule 1: Additional Income and
Adjustments to Income
Schedule _________ details the alternative minimum tax
(ATM) or an excess advance premium tax credit
repayment. - .....ANSWER ...✔✔ Schedule 2 Tax
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Schedule _________ is used to claim a nonrefundable
credit other than the child tax credit or the credit for
other dependents, such as the foreign tax credit,
education credits, or general business credit. -
.....ANSWER ...✔✔ Schedule 3 Nonrefundable Credits
Schedule ___________ reports other taxes, such as self-
employment tax, household employment taxes,
additional tax on IRAs or other qualified retirement
plans and tax-favored accounts. - .....ANSWER ...✔✔
Schedule 4 Other Taxes
Schedule _________ is used to claim a refundable
credit other than the earned income credit, American
opportunity credit, or additional child tax credit. -
.....ANSWER ...✔✔ Schedule 5: Other Payments and
Refundable Credits
Form _________ reports deductions for depreciation
and amortization as well as provides information on the
business/investment use of automobiles and other listed
property. - .....ANSWER ...✔✔ Form 4562
CDFA EXAM LATEST 2024/2025 WITH ACTUAL
QUESTIONS AND CORRECT VERIFIED
ANSWERS/ALREADY GRADED A+
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)]. - .....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)]. - .....ANSWER ...✔✔ 3- to
7-year vesting (7-year graded vesting)
3-year cliff vesting or 6-year graded vesting. -
.....ANSWER ...✔✔ Top-heavy plans or matching
contributions typically use _________ vesting
,2|Page
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. - .....ANSWER ...✔✔
Schedule A: Itemized Deductions
Schedule ____ identifies the assets and investments
generating interest and dividends. - .....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. -
.....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. -
.....ANSWER ...✔✔ Schedule D: Capital Gains and
Losses
Schedule _____ is used to report income from rental
properties, royalties, partnerships, and S-corporation
,3|Page
income. Depreciation would be something to review. -
.....ANSWER ...✔✔ Schedule E: Supplemental Income
and Loss
Form _________ is used to report partnership income. -
.....ANSWER ...✔✔ Form 1065
Form __________ is used to report corporate income -
.....ANSWER ...✔✔ Form 1120
Form ___________ is used to report corporate income
for S corporations. - .....ANSWER ...✔✔ Form 1120S
Schedule ____________________ includes additional
income, such as capital gains, unemployment
compensation, prize or award money, and gambling
winnings. It also includes deductions such as student loan
interest, self-employment tax, and educator expenses. -
.....ANSWER ...✔✔ Schedule 1: Additional Income and
Adjustments to Income
Schedule _________ details the alternative minimum tax
(ATM) or an excess advance premium tax credit
repayment. - .....ANSWER ...✔✔ Schedule 2 Tax
, 4|Page
Schedule _________ is used to claim a nonrefundable
credit other than the child tax credit or the credit for
other dependents, such as the foreign tax credit,
education credits, or general business credit. -
.....ANSWER ...✔✔ Schedule 3 Nonrefundable Credits
Schedule ___________ reports other taxes, such as self-
employment tax, household employment taxes,
additional tax on IRAs or other qualified retirement
plans and tax-favored accounts. - .....ANSWER ...✔✔
Schedule 4 Other Taxes
Schedule _________ is used to claim a refundable
credit other than the earned income credit, American
opportunity credit, or additional child tax credit. -
.....ANSWER ...✔✔ Schedule 5: Other Payments and
Refundable Credits
Form _________ reports deductions for depreciation
and amortization as well as provides information on the
business/investment use of automobiles and other listed
property. - .....ANSWER ...✔✔ Form 4562
