Liberty
University BUSI352 quiz 8 solutions answers right
How many
versions: four versions
Question 1 Owen, a CFP® professional, works for a brokerage firm
that requires any investment products or loans offered to a client must be
proprietary products of the brokerage firm. One of Owen’s clients, “Dominic”
that he has been providing financial planning services to for the past 10 years
asked Owen to recommend a loan. Owen is still engaged in the financial planning
process with this client. According to the CFP Code of Ethics, what action is
Owen required to take?
Question 2 William, a CFP® professional, has been working with his
new client Cole. He has completed all required disclosures and provided all
written documents required for a financial planning engagement. Cole is 42,
divorced, and has one child. William discussed Cole’s insurance coverage
following a thorough review of Cole’s policies and recommended Cole purchase a
disability policy and additional term life insurance through his employer.
William also performed a retirement needs analysis and developed an investment
plan he believes will help Cole achieve his goals. While presenting the
retirement and investment plan, Cole mentioned that he was rejected for the
life insurance for medical reasons that he does not wish to discuss with
William. To comply with the Practice Standards of the Code of Ethics, William
should:
Question 3 A grocery store puts chocolate chip cookies on sale,
which increases the demand for milk. What are the two products?
Question 4 During a period of recession/contraction, which of the
following would be true? 1: The supply of goods and services would be
decreasing. 2: Interest rates would be decreasing. 3: Unemployment would be
increasing. 4: Inflation would be decreasing.
Question 5 Which of the following is a fiscal policy tool used by
Congress that influences the money supply and interest rates?
Question 6 The CFP Board’s Practice Standards are intended to:
Question 7 Under the CFP Board’s Rules of Conduct, violations of
the Rules of Conduct may subject a certificant or registrant to discipline.
Which of the following is true with respect to any such violations? 1:
Discipline extends to the rights of registrants and certificants to use the CFP
marks. 2: The rules are designed to be a basis for legal liability to any third
party. 3: The CFP Board has the exclusive right to ensure that certificants and
registrants meet and continue to meet the CFP Board’s initial and ongoing
certification requirements.
Question 8 All of the following are examples of monetary policy
except?
Question 9 If the price of a luxury car decreases by a small
amount, and there is a significantly large increase in demand, what can be said
about the demand?
Question 10 Due to a shortage in supply, the price of corn
increases suddenly, causing a decrease in the demand for corn and an increase
in the demand for carrots. Which term best describes the relationship between
corn and carrots?
Question 11 Increasing inflation rates and increasing interest
rates would be characteristic of:
Question 12 Rose is employed as a loan officer at a bank. Rose
recently sat down and visited with her financial planner Julie, a CFP®
professional. Rose was in need of cash and borrowed $15,000 from Julie. Based
on Rule 3.7 of the CFP® Rules of Conduct (A certificant shall not lend money to
a client.), which of the following statements is accurate?
Question 13 Which of the following is not specifically addressed
in the CFP Board’s Standards of Professional Conduct?
Question 14 Low interest rates and high unemployment would be
characteristic of what phase of the business cycle?
Question 15 Bob is a CFP® professional. He recently met with a new
client, Jack, who requests a needs analysis concerning Jack’s life insurance
situation. Jack is 42 years old, married, and has 2 children he plans to send
to college. He wants Bob to evaluate how much and what type of insurance he
should purchase. Which of the following is required to be provided to Jack
according to the Code of Ethics?
The CFP board is a certification and standard-setting organization
that
Which of the following is not part of the CFP Board's Standards of
Professional Conduct?
Which of the following is not a principle in the Code of Ethics?
Which of the following best describes the intent behind the
principles of the CFP Board's Code of Ethics?
Under the CFP Boards rules of Conduct, violations of the rules of
conduct may subject a certificant or registrant to discipline. Which of the
following is true with respect to any such violations?
Under the CFP Board's Rules of Conduct, which of the following are
a category of rules within the CFP Boards Rules of Conduct?
The CFP Board's Practice Standards are intended to:
Which of the following are true with respect to the Practice
Standards?
Which of the following does NOT apply to practice standard 500-2,
which provides that the financial planning practitioner shall select
appropriate products and services that are consistent with the client's
_________.
Which of the following is true with respect to forms of
discipline?
The commission may make the following decisions regarding a
petition for reconsideration by a candidate for certification:
Which of the following is not a form of discipline under the
Disciplinary Rules?
Which of the following definitions best defines a fiduciary under
the CFP Board's Standards of Professional Conduct?
Which of the following is not specifically addressed in the CFP
Board's Standards of Professional Conduct?
Bob, a CFP professional, has developed a comprehensive financial
plan ofr his client, Sue. Based on the CFP board PRactice Standards which of
the following should Bob do next?
According to practice standard 200-1 Determining a clients
personal and Financial goals, needs and priories, which of the following ate
necessary inputs to determine a client's goals?
Jill is a prospective client, recently approached Mike, a CFP
professional with significant estate planning needs. Mike does not feel like he
can adequately fulfill all of Jill's needs so he refers jill to a colleague who
specializes in estate planning. According to the CFP code of Ethics, what
principle did Mike Most clearly demonstrate?
Rose is employed as a loan officer at a bank. Rose recently sat
down and visited with her financial planner Julie, a CFP professional. Rose was
in need of cash and borrowed $15,000 from Kulie. Based on Rule 3.7 of the CFP
rules of Conduct (A certificant shall not lend money to a client.), which of
the following statements is accurate?
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