FPQP COMPREHENSIVE EXAMINATION
TEST COMPLETE QUESTIONS WITH
ACCURATE SOLUTIONS
●● Targeted financial planning
Answer: A planner who addresses only the purchase of a first home for a
client is practicing
●● Mental accounting
Answer: Kiara has accumulated $10,000 in a savings account over the
last few years and has earmarked that money as a down payment on a
luxury boat. Her central air conditioner breaks and requires $5,000 in
repairs. Kiara is reluctant to spend the money in her savings account to
make the repairs because she wants to use that money for the boat down
payment. Instead, she puts the $5,000 repair charge on her credit card at
an annual interest rate of 23%. This is an example of which of these
behaviors?
●● B) Definite
Answer: Which of the following is a characteristic of properly stated
financial goals?
A) Broad
B) Definite
,C) Flexible
D) General
●● D) offering suggestions for goals.
Answer: When helping clients identify goals, financial planners should
practice active listening skills by engaging in all of these except
A) summarizing what the planner has heard.
B) restating the clients' goals.
C) paraphrasing what the clients have said.
D) offering suggestions for goals.
●● B) To accumulate $40,000 in seven years for a down payment on a
house
Answer: Which of the following financial goals is written correctly?
A) To invest $5,000 a year for retirement
B) To accumulate $40,000 in seven years for a down payment on a
house
C) To set aside 10% of income to replace a car
D) To accumulate funds within the next 10 years for a child's college
expenses
, ●● Understanding the client's personal and financial circumstances
Answer: During what step in the financial planning process is the current
yield from already-invested assets first identified?
●● Developing the financial planning recommendations
Answer: Asset categories that are appropriate for the client are
determined during which step of the financial planning process?
●● Monitoring progress and updating
Answer: During which step of the financial planning process is the
performance of a client's investments reviewed periodically?
●● Analyzing the client's current course of action and potential alternate
course(s) of action
Answer: Potential problems that might interfere with clients achieving
their objectives are identified in which step in the financial planning
process?
●● B) Health status
Answer: Which of these would NOT be considered quantitative data?
A) Life insurance policies
B) Health status
C) Assets and liabilities
TEST COMPLETE QUESTIONS WITH
ACCURATE SOLUTIONS
●● Targeted financial planning
Answer: A planner who addresses only the purchase of a first home for a
client is practicing
●● Mental accounting
Answer: Kiara has accumulated $10,000 in a savings account over the
last few years and has earmarked that money as a down payment on a
luxury boat. Her central air conditioner breaks and requires $5,000 in
repairs. Kiara is reluctant to spend the money in her savings account to
make the repairs because she wants to use that money for the boat down
payment. Instead, she puts the $5,000 repair charge on her credit card at
an annual interest rate of 23%. This is an example of which of these
behaviors?
●● B) Definite
Answer: Which of the following is a characteristic of properly stated
financial goals?
A) Broad
B) Definite
,C) Flexible
D) General
●● D) offering suggestions for goals.
Answer: When helping clients identify goals, financial planners should
practice active listening skills by engaging in all of these except
A) summarizing what the planner has heard.
B) restating the clients' goals.
C) paraphrasing what the clients have said.
D) offering suggestions for goals.
●● B) To accumulate $40,000 in seven years for a down payment on a
house
Answer: Which of the following financial goals is written correctly?
A) To invest $5,000 a year for retirement
B) To accumulate $40,000 in seven years for a down payment on a
house
C) To set aside 10% of income to replace a car
D) To accumulate funds within the next 10 years for a child's college
expenses
, ●● Understanding the client's personal and financial circumstances
Answer: During what step in the financial planning process is the current
yield from already-invested assets first identified?
●● Developing the financial planning recommendations
Answer: Asset categories that are appropriate for the client are
determined during which step of the financial planning process?
●● Monitoring progress and updating
Answer: During which step of the financial planning process is the
performance of a client's investments reviewed periodically?
●● Analyzing the client's current course of action and potential alternate
course(s) of action
Answer: Potential problems that might interfere with clients achieving
their objectives are identified in which step in the financial planning
process?
●● B) Health status
Answer: Which of these would NOT be considered quantitative data?
A) Life insurance policies
B) Health status
C) Assets and liabilities
