CDFA EXAM LATEST ACTUAL EXAM/COMPLETE QUESTIONS AND
CDFA Exam Questions
CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY
Study online at https://quizlet.com/_hcuxqp
GRADED A+
1. In a divorce settlement, what mistake is commonly Considering only an equal
made by financial division of property
professionals without proper training?
Considering the tax consequences of the sale of prop-
erty
Considering investment returns
Considering inflation
Considering only an equal division of property
2. Which of the following is a common mistake that di- Failing to consider the tax
vorcing couples make? consequences of an early
withdrawal from a retire-
Failing to consider the tax consequences of an early ment account
withdrawal
from a retirement account
Dividing a joint checking account to obtain an equi-
table
distribution of assets
Using the cost basis to determine taxes on the sale of
property
Failing to consider the taxes due on child support
payments
3. From a client's perspective and without regard to the When considering getting
cost, at which of the a divorce
following times should an individual hire a CDFA pro-
fessional?
When considering getting a divorce
After meeting with an attorney
, CDFA Exam Questions
Study online at https://quizlet.com/_hcuxqp
After filing a petition for divorce
Prior to a final judgment for divorce
4. Which of the following is NOT an appropriate service Prepare business valua-
that CDFA professionals can provide? tions and analysis.
Determine the financial impact of the proposed settle-
ment.
Provide litigation support relating to financial issues.
Prepare a report showing the financial impact of one
spouse
keeping the family home.
Prepare business valuations and analysis.
5. Which of the following is NOT a reason for a CDFA To help them identify their
professional to interview financial goals, including
clients? retirement
objectives
To collect financial data
To develop a budget
To complete answers to interrogatories
To help them identify their financial goals, including
retirement
objectives
6. Jacob is divorcing his wife, Andrea. Jacob has hired Michelle will need to ana-
Michelle, a CDFA lyze the financial informa-
professional, to work on his divorce case. Which of the tion for both
following actions are Jacob and Andrea.
appropriate for Michelle?
Michelle will only need to analyze Jacob's financial
information.
, CDFA Exam Questions
Study online at https://quizlet.com/_hcuxqp
Michelle will only need to analyze Andrea's financial
information.
Michelle will need to analyze Jacob's financial informa-
tion and
audit Andrea's financial information.
Michelle will need to analyze the financial information
for both
Jacob and Andrea.
7. An individual who is trained to calculate statistically
risks, premiums, and life
expectancies for insurance and pension plans is re-
ferred to as a/an
_______________.
8. A ________________ is an individual who has been
trained to assist
people in coming to an agreement.
9. A CDFA professional is able to give legal advice under A CDFA professional is not
which of the following able to give legal advice
conditions? under any
conditions.
The advice must be limited to the division of marital
assets and
debts.
A CDFA professional is not able to give legal advice
under any
conditions.
The CDFA professional must seek and obtain permis-
sion from the
client's lawyer before giving legal advice.
The advice must be limited to recommending levels of
, CDFA Exam Questions
Study online at https://quizlet.com/_hcuxqp
spousal
support.
10. What impact have the "no-fault" divorce laws had on An increase in the number
divorces in the United of divorces
States?
An increase in the number of divorces
A decrease in the number of divorces
An increase in the amount of spousal support that is
paid
An increase in the amount of child support that is paid
11. Which of the following individuals is most likely to seek b) Mary, age 40, is a
the services of a CDFA® professional? stay-at-home wife and her
husband earns $150,000.
a) John, age 45, earns $40,000 per year and lives in an They have assets valued
apartment with his wife who earns at $250,000. They have a
$25,000. Their only assets are checking and savings mortgage of $80,000.
accounts totaling $5,000.
b) Mary, age 40, is a stay-at-home wife and her hus- joint income of $100,000
band earns $150,000. They have assets valued at or greater and joint assets
$250,000. They have a mortgage of $80,000. that exceed $100,000
c) Henry, age 35, earns $40,000 and owns an IRA val-
ued at $35,000. His wife earns
$45,000 and she has a 401(k) valued at $36,000.
d) Helen, age 30, is pregnant. Helen and her husband
each earn $36,000. They have assets
with a value of $80,000.
12. Jane, a clinical social worker, has also been trained as c) Jane is mediating a di-
a mediator. Which of the following is an appropriate vorce case referred to her
way to use her mediation training? by a friend.
CDFA Exam Questions
CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY
Study online at https://quizlet.com/_hcuxqp
GRADED A+
1. In a divorce settlement, what mistake is commonly Considering only an equal
made by financial division of property
professionals without proper training?
Considering the tax consequences of the sale of prop-
erty
Considering investment returns
Considering inflation
Considering only an equal division of property
2. Which of the following is a common mistake that di- Failing to consider the tax
vorcing couples make? consequences of an early
withdrawal from a retire-
Failing to consider the tax consequences of an early ment account
withdrawal
from a retirement account
Dividing a joint checking account to obtain an equi-
table
distribution of assets
Using the cost basis to determine taxes on the sale of
property
Failing to consider the taxes due on child support
payments
3. From a client's perspective and without regard to the When considering getting
cost, at which of the a divorce
following times should an individual hire a CDFA pro-
fessional?
When considering getting a divorce
After meeting with an attorney
, CDFA Exam Questions
Study online at https://quizlet.com/_hcuxqp
After filing a petition for divorce
Prior to a final judgment for divorce
4. Which of the following is NOT an appropriate service Prepare business valua-
that CDFA professionals can provide? tions and analysis.
Determine the financial impact of the proposed settle-
ment.
Provide litigation support relating to financial issues.
Prepare a report showing the financial impact of one
spouse
keeping the family home.
Prepare business valuations and analysis.
5. Which of the following is NOT a reason for a CDFA To help them identify their
professional to interview financial goals, including
clients? retirement
objectives
To collect financial data
To develop a budget
To complete answers to interrogatories
To help them identify their financial goals, including
retirement
objectives
6. Jacob is divorcing his wife, Andrea. Jacob has hired Michelle will need to ana-
Michelle, a CDFA lyze the financial informa-
professional, to work on his divorce case. Which of the tion for both
following actions are Jacob and Andrea.
appropriate for Michelle?
Michelle will only need to analyze Jacob's financial
information.
, CDFA Exam Questions
Study online at https://quizlet.com/_hcuxqp
Michelle will only need to analyze Andrea's financial
information.
Michelle will need to analyze Jacob's financial informa-
tion and
audit Andrea's financial information.
Michelle will need to analyze the financial information
for both
Jacob and Andrea.
7. An individual who is trained to calculate statistically
risks, premiums, and life
expectancies for insurance and pension plans is re-
ferred to as a/an
_______________.
8. A ________________ is an individual who has been
trained to assist
people in coming to an agreement.
9. A CDFA professional is able to give legal advice under A CDFA professional is not
which of the following able to give legal advice
conditions? under any
conditions.
The advice must be limited to the division of marital
assets and
debts.
A CDFA professional is not able to give legal advice
under any
conditions.
The CDFA professional must seek and obtain permis-
sion from the
client's lawyer before giving legal advice.
The advice must be limited to recommending levels of
, CDFA Exam Questions
Study online at https://quizlet.com/_hcuxqp
spousal
support.
10. What impact have the "no-fault" divorce laws had on An increase in the number
divorces in the United of divorces
States?
An increase in the number of divorces
A decrease in the number of divorces
An increase in the amount of spousal support that is
paid
An increase in the amount of child support that is paid
11. Which of the following individuals is most likely to seek b) Mary, age 40, is a
the services of a CDFA® professional? stay-at-home wife and her
husband earns $150,000.
a) John, age 45, earns $40,000 per year and lives in an They have assets valued
apartment with his wife who earns at $250,000. They have a
$25,000. Their only assets are checking and savings mortgage of $80,000.
accounts totaling $5,000.
b) Mary, age 40, is a stay-at-home wife and her hus- joint income of $100,000
band earns $150,000. They have assets valued at or greater and joint assets
$250,000. They have a mortgage of $80,000. that exceed $100,000
c) Henry, age 35, earns $40,000 and owns an IRA val-
ued at $35,000. His wife earns
$45,000 and she has a 401(k) valued at $36,000.
d) Helen, age 30, is pregnant. Helen and her husband
each earn $36,000. They have assets
with a value of $80,000.
12. Jane, a clinical social worker, has also been trained as c) Jane is mediating a di-
a mediator. Which of the following is an appropriate vorce case referred to her
way to use her mediation training? by a friend.
