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CRPC FINAL EXAM 2025/2026 – FORM A & B | 500 VERIFIED
QUESTIONS & CORRECT ANSWERS | COMPLETE STUDY
GUIDE | EXPERT VERIFIED || AWARDED A + ||
A worker's primary insurance amount (PIA) is the amount they receive from
Social Security - ANSWER-if he or she began payments at full retirement
age.
For a worker whose full retirement age is 66 or later, the annual delayed
retirement credit percentage for the years you delay receipt of benefits
beyond (FRA) is - ANSWER-8
Delaying receipt of benefits (for example until age 70) will result in all of the
following except - ANSWER-permanently reduced benefit amount.
Ann has reached her full retirement age (FRA) of 66 in 2020. She can elect
to receive $1,000 now, or delay receipt by two years. She expects to live
until age 90. Ignoring outside factors, when should she begin her benefits?
- ANSWER-two years from now
Michael, a 62-year-old single man, is considering beginning his Social
Security benefits to supplement his income of $14,000 per year. How much
will he lose in Social Security benefits due to the earned income
restrictions? - ANSWER-0
If provisional income exceeds all the thresholds given, then a maximum of
___________ of Social Security benefits are subject to taxation. -
ANSWER-85%
Brent and Carol are married and file jointly. They have an AGI of $50,000
and they receive a combined Social Security benefit of $15,000. They have
no tax-exempt income. What is the maximum percentage of their Social
Security benefit that will be subject to taxation? - ANSWER-85
2025/2026
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Spousal retirement benefits can be claimed as early as age ______. -
ANSWER-62
Jeff and Betsy both attained their FRA in time to employ the "restricted
application for spouses" strategy. Jeff's PIA at his FRA was $2,000 and
Betsy's was $1,200. If they employ the "restricted application for spouses"
strategy, Betsy will begin receiving $_____ per month. - ANSWER-1,200
Carla is collecting $600 per month from a government pension and is also
eligible to receive a Social Security spousal benefit of $1,000 per month.
Due to the GPO, her Social Security spousal benefit will be reduced to
____________. - ANSWER-600
David began receiving Social Security benefits in June 2020. He later
learned that he should have delayed receipt of his benefits until a later age.
He has until _______ to pay back all payments and refile for increase
benefits at a future date. - ANSWER-June 2021
Jerry was born in 1954. What age does Social Security consider to be his
full retirement age (FRA)? - ANSWER-66
Mary is 69 years old. She is receiving $1,800 per month in Social Security.
Her husband Ralph, age 67, who has not worked enough quarters outside
the home to be covered in his own right, receives 50% of what Mary
receives each month ($900). Assume that Mary dies tomorrow. What will
Ralph's Social Security benefit be? Assume he has reached his survivor
FRA. - ANSWER-1,800
Bob and Helen just won the lottery. The benefit this year will be $50,000,
and it will increase over the next 19 years. Bob's monthly Social Security
benefit is $1,800; Helen's monthly Social Security benefit is $1,200. Bob is
age 68, and Helen is age 69. Which one of the following is a correct
statement about Bob and Helen's old-age Social Security benefits? -
ANSWER-Up to 85% of their Social Security benefit must be included in
gross income.
Henry and his wife Etta will both reach their FRAs this month, and they
both plan to begin receiving Social Security benefits next month. Etta's
primary insurance amount (PIA) is $1,900; Henry's PIA is $975. What will
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their maximum Social Security benefit be? - ANSWER-They will both
receive their respective PIAs.
Which one of the following is a correct statement about old-age Social
Security benefits? - ANSWER-Old-age Social Security benefits are not
reduced for persons who have attained their Social Security FRA
regardless of the amount of earned income received.
Jill and Mark are celebrating their 20th wedding anniversary, receiving a
20-year watch from their employer, and reaching FRA all on the same day
with a trip to the beach. Which of the following statements correctly
describe the Social Security benefit Jill is eligible to receive? - ANSWER-
100% of her own benefit
An individual's Social Security payment amount will be adjusted annually to
account for increases in inflation as measured by the _____________. -
ANSWER-CPI-W
Higher income earners will have an income replacement ratio that is -
ANSWER-lower than low income earners.
On average, Social Security represents ______ of the income of the
elderly. - ANSWER-33
Tom, 59, is a widower and is receiving a widower's benefit on his deceased
spouse's record. Tom is considering getting remarried. As a planner, you
should suggest which one of the following? - ANSWER-He should wait until
age 60 to remarry.
Which one of the following counts as "earnings" for the Social Security
earnings test? - ANSWER-Self-employment net earnings
Carl is going to reach FRA later in the current year. He has begun Social
Security benefits but is still working. His Social Security benefits will -
ANSWER-be reduced $1 for every $3 earned above the earnings cap.
Social Security payments are - ANSWER-taxable if your provisional income
exceeds the applicable threshold.
2025/2026
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Social Security provides individuals with protection against which of the
following risks? - ANSWER-All of these
Social Security began as a program to provide retirement income, but has
been expanded to provide all of the following income except - ANSWER-
survivor benefits to spouse caring for a child under 19.
Gary reached FRA this year (2020) and filed for his Social Security
benefits. His wife, Mary, is 62 and wishes to file for spousal benefits when
she turns 63 later in 2020. If Gary's full benefit is $2,000, what will Mary's
benefit be? - ANSWER-725
Tammy doesn't begin her Social Security benefit at FRA (age 66), instead
opting to delay while collecting delayed retirement credits. When she
reaches age 68, however, she encounters financial difficulty and must file
for her benefits. How much will her payment have increased? - ANSWER-
16
It is January 15, 2020. Bill and Mary both attained age 66 in 2019. They
want to employ the restricted application strategy. Bill is the higher income
earner. What can be said about their options? - ANSWER-Bill should file a
restricted application for spousal benefits because he is the higher income
earner.
Margaret is confused about her options and takes a friend's advice to file
and begin collecting benefits at age 62. Two years later, she attends one of
your seminars on Social Security and realizes that this was a mistake, as
she has sufficient personal assets to get her through until at least age 70
and her life expectancy is nearly 100. What can you suggest to her? -
ANSWER-She can voluntarily suspend payments, keep the benefits she
has received, and resume payments later at an increased rate.
Which one of the following is not an objective of an investment policy? -
ANSWER-To select individual securities
Which one of the following is not an appropriate element of an investment
policy? - ANSWER-The portfolio should maximize return and minimize risk.
Which one of the following is not one of the steps in the asset allocation
process? - ANSWER-Establish guidelines for reaching goals
2025/2026
CRPC FINAL EXAM 2025/2026 – FORM A & B | 500 VERIFIED
QUESTIONS & CORRECT ANSWERS | COMPLETE STUDY
GUIDE | EXPERT VERIFIED || AWARDED A + ||
A worker's primary insurance amount (PIA) is the amount they receive from
Social Security - ANSWER-if he or she began payments at full retirement
age.
For a worker whose full retirement age is 66 or later, the annual delayed
retirement credit percentage for the years you delay receipt of benefits
beyond (FRA) is - ANSWER-8
Delaying receipt of benefits (for example until age 70) will result in all of the
following except - ANSWER-permanently reduced benefit amount.
Ann has reached her full retirement age (FRA) of 66 in 2020. She can elect
to receive $1,000 now, or delay receipt by two years. She expects to live
until age 90. Ignoring outside factors, when should she begin her benefits?
- ANSWER-two years from now
Michael, a 62-year-old single man, is considering beginning his Social
Security benefits to supplement his income of $14,000 per year. How much
will he lose in Social Security benefits due to the earned income
restrictions? - ANSWER-0
If provisional income exceeds all the thresholds given, then a maximum of
___________ of Social Security benefits are subject to taxation. -
ANSWER-85%
Brent and Carol are married and file jointly. They have an AGI of $50,000
and they receive a combined Social Security benefit of $15,000. They have
no tax-exempt income. What is the maximum percentage of their Social
Security benefit that will be subject to taxation? - ANSWER-85
2025/2026
,2|Page
Spousal retirement benefits can be claimed as early as age ______. -
ANSWER-62
Jeff and Betsy both attained their FRA in time to employ the "restricted
application for spouses" strategy. Jeff's PIA at his FRA was $2,000 and
Betsy's was $1,200. If they employ the "restricted application for spouses"
strategy, Betsy will begin receiving $_____ per month. - ANSWER-1,200
Carla is collecting $600 per month from a government pension and is also
eligible to receive a Social Security spousal benefit of $1,000 per month.
Due to the GPO, her Social Security spousal benefit will be reduced to
____________. - ANSWER-600
David began receiving Social Security benefits in June 2020. He later
learned that he should have delayed receipt of his benefits until a later age.
He has until _______ to pay back all payments and refile for increase
benefits at a future date. - ANSWER-June 2021
Jerry was born in 1954. What age does Social Security consider to be his
full retirement age (FRA)? - ANSWER-66
Mary is 69 years old. She is receiving $1,800 per month in Social Security.
Her husband Ralph, age 67, who has not worked enough quarters outside
the home to be covered in his own right, receives 50% of what Mary
receives each month ($900). Assume that Mary dies tomorrow. What will
Ralph's Social Security benefit be? Assume he has reached his survivor
FRA. - ANSWER-1,800
Bob and Helen just won the lottery. The benefit this year will be $50,000,
and it will increase over the next 19 years. Bob's monthly Social Security
benefit is $1,800; Helen's monthly Social Security benefit is $1,200. Bob is
age 68, and Helen is age 69. Which one of the following is a correct
statement about Bob and Helen's old-age Social Security benefits? -
ANSWER-Up to 85% of their Social Security benefit must be included in
gross income.
Henry and his wife Etta will both reach their FRAs this month, and they
both plan to begin receiving Social Security benefits next month. Etta's
primary insurance amount (PIA) is $1,900; Henry's PIA is $975. What will
2025/2026
,3|Page
their maximum Social Security benefit be? - ANSWER-They will both
receive their respective PIAs.
Which one of the following is a correct statement about old-age Social
Security benefits? - ANSWER-Old-age Social Security benefits are not
reduced for persons who have attained their Social Security FRA
regardless of the amount of earned income received.
Jill and Mark are celebrating their 20th wedding anniversary, receiving a
20-year watch from their employer, and reaching FRA all on the same day
with a trip to the beach. Which of the following statements correctly
describe the Social Security benefit Jill is eligible to receive? - ANSWER-
100% of her own benefit
An individual's Social Security payment amount will be adjusted annually to
account for increases in inflation as measured by the _____________. -
ANSWER-CPI-W
Higher income earners will have an income replacement ratio that is -
ANSWER-lower than low income earners.
On average, Social Security represents ______ of the income of the
elderly. - ANSWER-33
Tom, 59, is a widower and is receiving a widower's benefit on his deceased
spouse's record. Tom is considering getting remarried. As a planner, you
should suggest which one of the following? - ANSWER-He should wait until
age 60 to remarry.
Which one of the following counts as "earnings" for the Social Security
earnings test? - ANSWER-Self-employment net earnings
Carl is going to reach FRA later in the current year. He has begun Social
Security benefits but is still working. His Social Security benefits will -
ANSWER-be reduced $1 for every $3 earned above the earnings cap.
Social Security payments are - ANSWER-taxable if your provisional income
exceeds the applicable threshold.
2025/2026
, 4|Page
Social Security provides individuals with protection against which of the
following risks? - ANSWER-All of these
Social Security began as a program to provide retirement income, but has
been expanded to provide all of the following income except - ANSWER-
survivor benefits to spouse caring for a child under 19.
Gary reached FRA this year (2020) and filed for his Social Security
benefits. His wife, Mary, is 62 and wishes to file for spousal benefits when
she turns 63 later in 2020. If Gary's full benefit is $2,000, what will Mary's
benefit be? - ANSWER-725
Tammy doesn't begin her Social Security benefit at FRA (age 66), instead
opting to delay while collecting delayed retirement credits. When she
reaches age 68, however, she encounters financial difficulty and must file
for her benefits. How much will her payment have increased? - ANSWER-
16
It is January 15, 2020. Bill and Mary both attained age 66 in 2019. They
want to employ the restricted application strategy. Bill is the higher income
earner. What can be said about their options? - ANSWER-Bill should file a
restricted application for spousal benefits because he is the higher income
earner.
Margaret is confused about her options and takes a friend's advice to file
and begin collecting benefits at age 62. Two years later, she attends one of
your seminars on Social Security and realizes that this was a mistake, as
she has sufficient personal assets to get her through until at least age 70
and her life expectancy is nearly 100. What can you suggest to her? -
ANSWER-She can voluntarily suspend payments, keep the benefits she
has received, and resume payments later at an increased rate.
Which one of the following is not an objective of an investment policy? -
ANSWER-To select individual securities
Which one of the following is not an appropriate element of an investment
policy? - ANSWER-The portfolio should maximize return and minimize risk.
Which one of the following is not one of the steps in the asset allocation
process? - ANSWER-Establish guidelines for reaching goals
2025/2026
