CDFA TEST ACTUAL EXAM ALL 500 QUESTIONS AND CORRECT ANSWERS LATEST UPDATE THIS YEAR

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CDFA TEST ACTUAL EXAM ALL 500 QUESTIONS
AND CORRECT ANSWERS LATEST UPDATE THIS
YEAR


QUESTION: Which of the following is NOT an appropriate service that CDFA® professionals can

provide?




a) Determine the financial impact of the proposed settlement.


b) Provide litigation support relating to financial issues.


c) Prepare a report showing the financial impact of one spouse keeping the family home.


d) Prepare business valuations and analysis. - ANSWER-d) Prepare business valuations and

analysis.




QUESTION: Susie, age 35, gave up her career to stay home with the children for 10 years. Which

of the following questions would be inappropriate for the CDFA® professional to ask her?




a) Will you return to the workforce?



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b) What level of income can you expect to earn when you return to the workforce?


c) At what age would you like to retire?


d) How much spousal support do you need so that you do not have to work? - ANSWER-d) How

much spousal support do you need so that you do not have to work?




It is not appropriate for the CDFA® professional to ask Susie how much


spousal support she would need if she does not return to work. Given her age


of 35, Susie should be expected to return to the work force—unless she suffers


from a medical condition that would prevent her from working or if her


children require care and it would not be cost-effective for her to work.




QUESTION: Which of the following individuals may be appointed by the court to help the

spouses negotiate a settlement?




a) An arbitrator


b) A judge




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c) A mediator


d) A lawyer - ANSWER-




QUESTION: Which of the following statements by a CDFA® professional would be considered

providing legal advice?




a) "You will pay capital gains tax if you sell your house."


b) "You will be in better financial shape if you take the savings account."


c) "Your financial status in 10 years will be at this level if you have more maintenance."


d) "You should require that the house be sold immediately." - ANSWER-d) "You should require

that the house be sold immediately."




QUESTION: Mary is working as a CDFA® professional for her client, Stephanie. Stephanie would

prefer to pay only one person to do as much as possible for her. What can Mary do for

Stephanie that would NOT be a conflict of interest with her duties as a CDFA® professional?




a) Provide financial planning advice




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b) Prepare her tax returns


c) Testify as an expert witness


d) Prepare a business valuation - ANSWER-c) Testify as an expert witness




QUESTION: Bob, a CPA, has prepared tax returns for Andy and Amy for more than a decade.

Andy and Amy are now getting a divorce, and Amy wants to hire Bob as her CDFA®

professional. Which of the following should Bob tell her?




a) That Bob can be hired as Amy's CDFA® professional


b) That Bob cannot work with her as a CDFA® professional due to their previous relationship,

but he can recommend at least three advisors who would be able to assist her


c) That Bob will work with whichever one signs a contract with him first


d) That Bob could work with both of them as a neutral party - ANSWER-b) That Bob cannot

work with her as a CDFA® professional due to their previous relationship, but he can

recommend at least three advisors who would be able to assist her




QUESTION: Which of the following roles is probably the most important role a CDFA®

professional can play during the divorce process?


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