CFP TEST |ACTUAL QUESTIONS AND VERIFIED
ANSWERS|BRAND NEW 2026-2027
UPDATE|GRADED A+
Question 1
Jonathon got divorced in 20xx, faced severe financial problems, and filed for Chapter
seven bankruptcy two years later. After graduating and getting a life insurance job three
years post-bankruptcy, he faced customer complaints, a month-long license suspension,
and was discharged. During unemployment, he completed CFP® certification
requirements. Four years after bankruptcy, he applied to the CFP Board. Which is correct
under the Board's revised bankruptcy policy?
A. Jonathan must file a Petition of Fitness.
B. Jonathan's behavior falls on the always bar list, and he will be denied the right to use the
marks.
C. Jonathan's behavior will prevent him from applying for the CFP® certification for the five
year period following his actions.
D. Jonathan is currently ineligible due to the prior insurance license suspension
CORRECT ANSWER
A
A bankruptcy filing requires a petition of fitness to be filed
Question 2
Mitt, CFP®, is starting a financial planning firm. He is licensed to sell insurance and
securities, earning commissions on sold products. He won't charge for planning but will
sell insurance policies as his practice grows. According to the Code of Ethics, when would
Mitt be engaged in financial planning?
1
, A. If a client is under the impression that Mitt is providing financial planning services, Mitt
must follow the CFP Board practice standards.
B. Selling either a mutual fund or an insurance product will result in Mitt being engaged in
financial planning.
C. As a CFP® professional, engaging in providing brokerage and insurance products requires
Mitt to charge a financial planning fee.
D. Based on Mitt's compensation model of "sales-related compensation", he is at all times
engaged in financial planning when working with a client.
CORRECT ANSWER
A
If the client has a reasonable basis to believe the CFP will provide or has provided
financial planning and must follow the CFP Board practice standard.
Question 3
Tricia, a new client for Stephan, a CFP® professional, has asked for Stephan's help with her
financial planning. Specifically, she wants a complete analysis of her retirement situation
including retirement projections, and wants Stephan to evaluate how much and what type
of investments she should purchase. Which of the following is correct according to the
Practice Standards?
A. Stephan is not providing material elements of financial planning and should ensure that
any products recommended are suitable for the client.
B. Stephan is engaged in financial planning if he receives a direct fee from the client, such as
AUM, Hourly or Retainer compensation.
C. Stephan may be engaged in financial planning but is not required to follow practice
standards at this time.
D. Stephan is engaged in financial planning and is required to follow practice standards
through this engagement
CORRECT ANSWER
D
2
ANSWERS|BRAND NEW 2026-2027
UPDATE|GRADED A+
Question 1
Jonathon got divorced in 20xx, faced severe financial problems, and filed for Chapter
seven bankruptcy two years later. After graduating and getting a life insurance job three
years post-bankruptcy, he faced customer complaints, a month-long license suspension,
and was discharged. During unemployment, he completed CFP® certification
requirements. Four years after bankruptcy, he applied to the CFP Board. Which is correct
under the Board's revised bankruptcy policy?
A. Jonathan must file a Petition of Fitness.
B. Jonathan's behavior falls on the always bar list, and he will be denied the right to use the
marks.
C. Jonathan's behavior will prevent him from applying for the CFP® certification for the five
year period following his actions.
D. Jonathan is currently ineligible due to the prior insurance license suspension
CORRECT ANSWER
A
A bankruptcy filing requires a petition of fitness to be filed
Question 2
Mitt, CFP®, is starting a financial planning firm. He is licensed to sell insurance and
securities, earning commissions on sold products. He won't charge for planning but will
sell insurance policies as his practice grows. According to the Code of Ethics, when would
Mitt be engaged in financial planning?
1
, A. If a client is under the impression that Mitt is providing financial planning services, Mitt
must follow the CFP Board practice standards.
B. Selling either a mutual fund or an insurance product will result in Mitt being engaged in
financial planning.
C. As a CFP® professional, engaging in providing brokerage and insurance products requires
Mitt to charge a financial planning fee.
D. Based on Mitt's compensation model of "sales-related compensation", he is at all times
engaged in financial planning when working with a client.
CORRECT ANSWER
A
If the client has a reasonable basis to believe the CFP will provide or has provided
financial planning and must follow the CFP Board practice standard.
Question 3
Tricia, a new client for Stephan, a CFP® professional, has asked for Stephan's help with her
financial planning. Specifically, she wants a complete analysis of her retirement situation
including retirement projections, and wants Stephan to evaluate how much and what type
of investments she should purchase. Which of the following is correct according to the
Practice Standards?
A. Stephan is not providing material elements of financial planning and should ensure that
any products recommended are suitable for the client.
B. Stephan is engaged in financial planning if he receives a direct fee from the client, such as
AUM, Hourly or Retainer compensation.
C. Stephan may be engaged in financial planning but is not required to follow practice
standards at this time.
D. Stephan is engaged in financial planning and is required to follow practice standards
through this engagement
CORRECT ANSWER
D
2
