Tax cfp Study guides, Class notes & Summaries

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CFP Reviewed Questions and  Elaborated Answers 2023
  • CFP Reviewed Questions and Elaborated Answers 2023

  • Exam (elaborations) • 18 pages • 2023
  • CFP Reviewed Questions and Elaborated Answers 2023 Public 457(b) Plan - CORRECT ANSWER-Plans of deferred compensation described in IRC section 457 are available for certain state and local governments and nongovernmental entities tax exempt under IRC Section 501. They can be either eligible plans under IRC 457(b) or ineligible plans under IRC 457(f). Plans eligible under 457(b) allow employees of sponsoring organizations to defer income taxation on retirement savings into future year...
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20232024 COMPLETE EXAM FOR CFP 4 - CHAPTER 2 (INCOME TAX  FUNDAMENTALS AND CALCULATIONS:  DEDUCTIONS AND CREDITS)
  • 20232024 COMPLETE EXAM FOR CFP 4 - CHAPTER 2 (INCOME TAX FUNDAMENTALS AND CALCULATIONS: DEDUCTIONS AND CREDITS)

  • Exam (elaborations) • 7 pages • 2024
  • 20232024 COMPLETE EXAM FOR CFP 4 - CHAPTER 2 (INCOME TAX FUNDAMENTALS AND CALCULATIONS: DEDUCTIONS AND CREDITS) Standard Deduction - CORRECT ANSWER-AGI is reduced by greater of Standard Deduction or Itemized Deduction Based on filing status and calendar year of filing Taxpayer 65 and older can take an additional deduction, another deduction available to those who are blind Itemized Deductions - CORRECT ANSWER-AGI is reduced by greater of Standard Deduction o...
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Financial Planning and Risk Management Exam Questions with Verified Answers
  • Financial Planning and Risk Management Exam Questions with Verified Answers

  • Exam (elaborations) • 7 pages • 2024
  • History of Financial Planning - ANSWER-1960's - few stock brokers and insurance salesmen 1970's - industry went from stock and insurance sales to comprehensive financial plans 1971 - College of Financial Planning founded 1973 - first CFP's issued to 42 people 1990's - booming economy entrance of many traditional banks and brokerage houses into financial planning area Name different duties of a financial planner - ANSWER-- comprehensive financial plan - selecting overall asset alloc...
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CFP Exam Unit 1 - July 2022 with Updated  Questions and Answers
  • CFP Exam Unit 1 - July 2022 with Updated Questions and Answers

  • Exam (elaborations) • 22 pages • 2023
  • CFP Exam Unit 1 - July 2022 with Updated Questions and Answers Steps to Financial Planning - EGADCIM - CORRECT ANSWER 1. Establishing and defining the client planner relationship 2. Gathering information necessary to fulfill the engagement 3. Analyzing and evaluating the client's current financial status 4. Developing the recommendations 5. Communicating the recommendations 6. Implementing the recommendations 7. Monitoring the recommendations Eight Principal Knowledge Categories - C...
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CFP Tax Planning Test Questions with Correct Answers
  • CFP Tax Planning Test Questions with Correct Answers

  • Exam (elaborations) • 77 pages • 2024
  • IRS Form 1040 The basic income tax form that is the basis for calculating personal income tax. Basic Steps to Income Tax Calculation 1. Determine Filing Status 2. Determine number of personal examptions 3. Add up income from all sources (Gross Income) 4. Make Certain Adjustments to Gross Income (AGI) 5. Subtract from AGI the standard deduction or the dollar amount of itemized deductions 6. Subtract Personal Exemption Amount from Step 5 (Taxable Income) 7. Calculate the tax on Taxable In...
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CFP - Level 1 Exam
  • CFP - Level 1 Exam

  • Exam (elaborations) • 2 pages • 2023
  • Regarding buying securities on margin, which self-regulatory organizations (SROs) require you to deposit a minimum of $2000 or 100 percent of the purchase price, whichever is less? - Answer- Financial Industry Regulatory Authority (FINRA) Principle 4—Fairness does not include - Answer- Treating all clients the same. Under CFP Board fiduciary rules, a CFP professional who is providing financial planning advice must follow client instructions. There are times, however, when a CFP professio...
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Test Bank & Solution Manual for Personal Finance 4th Canadian Edition by Jeff Madura
  • Test Bank & Solution Manual for Personal Finance 4th Canadian Edition by Jeff Madura

  • Exam (elaborations) • 660 pages • 2024
  • 1 © 2019 Pearson Canada Inc. Test Bank & Solution manual for Personal Finance, Fourth Canadian Edition (4th Edition) by Jeff Mad 2 © 2019 Pearson Canada Inc. Personal Finance, Canadian Ed., 4e (Madura) Overview of a Financial Plan True/False 1) Many people who believe they have strong personal finance skills do not really understand some basic personal finance concepts. Answer: TRUE Diff: 1 Type: TF Categories: Benefit From Understanding Personal Finance Financial Type: Qualitative Skill Type:...
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20232024 COMPLETE EXAM FOR CFP 4 - CHAPTER 2 (INCOME TAX FUNDAMENTALS AND CALCULATIONS: DEDUCTIONS AND CREDITS)
  • 20232024 COMPLETE EXAM FOR CFP 4 - CHAPTER 2 (INCOME TAX FUNDAMENTALS AND CALCULATIONS: DEDUCTIONS AND CREDITS)

  • Exam (elaborations) • 7 pages • 2024
  • 20232024 COMPLETE EXAM FOR CFP 4 - CHAPTER 2 (INCOME TAX FUNDAMENTALS AND CALCULATIONS: DEDUCTIONS AND CREDITS) Standard Deduction - CORRECT ANSWER-AGI is reduced by greater of Standard Deduction or Itemized Deduction Based on filing status and calendar year of filing Taxpayer 65 and older can take an additional deduction, another deduction available to those who are blind Itemized Deductions - CORRECT ANSWER-AGI is reduced by greater of Standard Deduction or Itemized Deduction Repo...
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CFP-Financial Planning Test Guide Questions and Answers
  • CFP-Financial Planning Test Guide Questions and Answers

  • Exam (elaborations) • 6 pages • 2024
  • banker - Answer-Someone who, individually or as a member of a company, operates an establishment for the deposit or loan of money. budget - Answer-A detailed plan of income and expenses expected over a certain period of time. A budget can provide guidelines for managing future investments and expenses. financial plan - Answer-A comprehensive strategy designed to help individuals achieve specific financial goals and prepare for unexpected life challenges or events. Financial plans may inclu...
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FIN 201 Exam 1 Actual Questions And Correct Detailed Answers Graded A+.
  • FIN 201 Exam 1 Actual Questions And Correct Detailed Answers Graded A+.

  • Exam (elaborations) • 7 pages • 2024
  • What are the 3 sub-specialties within finance? - correct answer - Corporate finance - Investments - Institutions Corporate finance - correct answer - Goal is to maximize shareholder wealth for publicly traded forms or to maximize owner wealth for privately held companies - A financial manager works towards this goal by managing the investing and financing functions of a firm Investments - correct answer ...
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