CDFA Module 2 UPDATED Exam
Questions and CORRECT Answers
Arizona California Idaho Louisiana Nevada New Mexico Texas and Washington - CORRECT
ANSWER - What 8 states have adopted communtity property laws
Twin can law - CORRECT ANSWER - A mnemonic to remember which states have
community property laws
Alaska - CORRECT ANSWER - Has an optional community property act
Wisconsin - CORRECT ANSWER - is essentially a community property state
Community property states - CORRECT ANSWER - the two spouses separate property is
not subject to division of the court
Equitable distribution states - CORRECT ANSWER - Usually agree that the couples
property "marital property " is divided between the husband and wife equitably or fairly
QDRO - CORRECT ANSWER - Defined contribution plans can be divided using a
401k - CORRECT ANSWER - Most common defined contribution plans
59 1/2 - CORRECT ANSWER - Distributions made before this age are considered an early
distribution and subject to a 10% penalty.
20% - CORRECT ANSWER - When the ex-spouse takes a distribution the plan has to
withhold---- for income tax.
, Present value or cash out method, deferred division or future shares method or reversed
jurisdiction - CORRECT ANSWER - What are the three different methods used to divide
pension plans
Present value or cash out method - CORRECT ANSWER - The non-employees spouses
paid a lump sum settlement from the pension or receives a marital asset of equal value to the
nonemployees baths interest in the pension
Deferred division or future share method - CORRECT ANSWER - No present value is
determined each passes of wanted to share the benefits if and when they are paid
Reverse jurisdiction - CORRECT ANSWER - The court retains the authority to order
distributions from my pension payment at some point in the future
No cash value today - CORRECT ANSWER - Defined benefit retirement plan
Inflation adjusted interest - CORRECT ANSWER - (1+ discount rate/1 + inflation rate) - 1
x 100 =
Some small employer plans not covered by erisa and many public employee group on such as
police and fire groups - CORRECT ANSWER - Plans not divisible by a QDRO
1974 - CORRECT ANSWER - Employee retirement income security act of
1982 - CORRECT ANSWER - Uniform services former spouses protection act
Usfspa - CORRECT ANSWER - This recognize military retirement benefits is marital
property and says that direct payment of benefits can be made to expels not to exceed one half of
the benefit
1984 - CORRECT ANSWER - Retirement equity act of
Questions and CORRECT Answers
Arizona California Idaho Louisiana Nevada New Mexico Texas and Washington - CORRECT
ANSWER - What 8 states have adopted communtity property laws
Twin can law - CORRECT ANSWER - A mnemonic to remember which states have
community property laws
Alaska - CORRECT ANSWER - Has an optional community property act
Wisconsin - CORRECT ANSWER - is essentially a community property state
Community property states - CORRECT ANSWER - the two spouses separate property is
not subject to division of the court
Equitable distribution states - CORRECT ANSWER - Usually agree that the couples
property "marital property " is divided between the husband and wife equitably or fairly
QDRO - CORRECT ANSWER - Defined contribution plans can be divided using a
401k - CORRECT ANSWER - Most common defined contribution plans
59 1/2 - CORRECT ANSWER - Distributions made before this age are considered an early
distribution and subject to a 10% penalty.
20% - CORRECT ANSWER - When the ex-spouse takes a distribution the plan has to
withhold---- for income tax.
, Present value or cash out method, deferred division or future shares method or reversed
jurisdiction - CORRECT ANSWER - What are the three different methods used to divide
pension plans
Present value or cash out method - CORRECT ANSWER - The non-employees spouses
paid a lump sum settlement from the pension or receives a marital asset of equal value to the
nonemployees baths interest in the pension
Deferred division or future share method - CORRECT ANSWER - No present value is
determined each passes of wanted to share the benefits if and when they are paid
Reverse jurisdiction - CORRECT ANSWER - The court retains the authority to order
distributions from my pension payment at some point in the future
No cash value today - CORRECT ANSWER - Defined benefit retirement plan
Inflation adjusted interest - CORRECT ANSWER - (1+ discount rate/1 + inflation rate) - 1
x 100 =
Some small employer plans not covered by erisa and many public employee group on such as
police and fire groups - CORRECT ANSWER - Plans not divisible by a QDRO
1974 - CORRECT ANSWER - Employee retirement income security act of
1982 - CORRECT ANSWER - Uniform services former spouses protection act
Usfspa - CORRECT ANSWER - This recognize military retirement benefits is marital
property and says that direct payment of benefits can be made to expels not to exceed one half of
the benefit
1984 - CORRECT ANSWER - Retirement equity act of
