Question 1

Which of the following is not a PFP engagement?

Accepted Answer

A)  Coordinating Engagement. 
B)  Implementation Engagement. 
C)  Monitoring Engagement. 
D)  Updating Engagement. 
A)  Coordinating Engagement. 
B)  Implementation Engagement. 
C)  Monitoring Engagement. 
D)  Updating Engagement. A

Question 2

Which of the following scenarios is false regarding the applicability of the SSPFPS No. 1:

Accepted Answer

A)  Only when a member represents to clients that the member provides PFP services. 
B)  When a member engages in activities that require registration as an investment adviser under federal or state law. 
C)  When a member includes the CPA/PFS designation on their website. 
D)  When a member sells a product as a result of an engagement. 
A)  Only when a member represents to clients that the member provides PFP services. 
B)  When a member engages in activities that require registration as an investment adviser under federal or state law. 
C)  When a member includes the CPA/PFS designation on their website. 
D)  When a member sells a product as a result of an engagement. A

Question 3

Which of the following was used as a 'de facto' standard for CPAs by state boards of accountancy?

Accepted Answer

A)  AICPA Code of Professional Conduct. 
B)  Investment Advisers Act of 1940. 
C)  Statement on Responsibilities in Personal Financial Planning Practice. 
D)  Statement on Standards in Personal Financial Planning Services No. 1. 
A)  AICPA Code of Professional Conduct. 
B)  Investment Advisers Act of 1940. 
C)  Statement on Responsibilities in Personal Financial Planning Practice. 
D)  Statement on Standards in Personal Financial Planning Services No. 1. C

Question 4

Applicability of the SSPFPS No. 1 is a _____________ part test.

Accepted Answer

A)  Two. 
B)  Three. 
C)  Four. 
D)  Seven. 
A)  Two. 
B)  Three. 
C)  Four. 
D)  Seven.

Question 5

The CPA/PFS should document their understanding of the implementation engagement, including the roles and responsibilities of the CPA/PFS, the client, and other service providers. Documentation should include all of the following except:

Accepted Answer

A)  Client's evaluation of progress toward achieving the client's financial planning goals, including whether the client's existing financial plan and specific financial recommendations should be updated. 
B)  Criteria that are important to the achievement of the financial planning goals being monitored. 
C)  Frequency and time period of measuring the clients progress toward reaching the stated goals. 
D)  Utilization of monitoring criteria that are appropriate to, and consistent with, the criteria used to establish the goals being monitored. 
A)  Client's evaluation of progress toward achieving the client's financial planning goals, including whether the client's existing financial plan and specific financial recommendations should be updated. 
B)  Criteria that are important to the achievement of the financial planning goals being monitored. 
C)  Frequency and time period of measuring the clients progress toward reaching the stated goals. 
D)  Utilization of monitoring criteria that are appropriate to, and consistent with, the criteria used to establish the goals being monitored.

Question 6

The historical timeline for personal financial planning in the United States began in

Accepted Answer

A)  1940. 
B)  1969. 
C)  1981. 
D)  2014. 
A)  1940. 
B)  1969. 
C)  1981. 
D)  2014.

Question 7

The SSPFPS No. 1 provides _____________ guidance and establishes ___________ standards for members.

Accepted Answer

A)  Authoritative / service. 
B)  Reasoned / service. 
C)  Authoritative / enforceable. 
D)  Reasoned / enforceable. 
A)  Authoritative / service. 
B)  Reasoned / service. 
C)  Authoritative / enforceable. 
D)  Reasoned / enforceable.

Question 8

Practice standards accomplish which of the following:
I. Outline consumer expectations of practitioners
II. Outline practitioner expectations of consumers
III. Protect consumers
IV. Protect practitioners

Accepted Answer

A)  I, IV. 
B)  III, IV. 
C)  I, III. 
D)  II, IV. 
A)  I, IV. 
B)  III, IV. 
C)  I, III. 
D)  II, IV.

Which of the following is not a PFP engagement?

Which of the following scenarios is false regarding the applicability of the SSPFPS No. 1:

Which of the following was used as a 'de facto' standard for CPAs by state boards of accountancy?

Applicability of the SSPFPS No. 1 is a _____________ part test.

The CPA/PFS should document their understanding of the implementation engagement, including the roles and responsibilities of the CPA/PFS, the client, and other service providers. Documentation should include all of the following except:

The historical timeline for personal financial planning in the United States began in

The SSPFPS No. 1 provides ___ guidance and establishes _ standards for members.

Practice standards accomplish which of the following: I. Outline consumer expectations of practitioners II. Outline practitioner expectations of consumers III. Protect consumers IV. Protect practitioners

Personal Financial Planning

Time Value of Money Concepts

Fundamentals of Personal Financial Planning

Estate Planning Basics

Charitable Gift Planning Basics

Principles of Risk and Insurance

Insurance Planning Basics, Part I

Insurance Planning Basics, Part II

Investment Basics

Investment Planning

Planning for Retirement and Financial Independence

Planning Vehicles for Retirement

Elder Planning Basics

Education Planning Basics

Applications in Estate Planning

Applications in Risk Management

Applications in Investment Planning

Applications in Planning for Retirement

Applications in Employee Benefits Planning

Applications in Executive Compensation Planning

Applications in Personal Financial Planning in Special Circumstances

Delivery Models and Regulatory Issues

Filters

Exam 2: The Statement on Standards in Personal Financial Planning Services

Which of the following is not a PFP engagement?

Which of the following scenarios is false regarding the applicability of the SSPFPS No. 1:

Which of the following was used as a 'de facto' standard for CPAs by state boards of accountancy?

Applicability of the SSPFPS No. 1 is a _____________ part test.

The CPA/PFS should document their understanding of the implementation engagement, including the roles and responsibilities of the CPA/PFS, the client, and other service providers. Documentation should include all of the following except:

The historical timeline for personal financial planning in the United States began in

The SSPFPS No. 1 provides _____________ guidance and establishes ___________ standards for members.

Practice standards accomplish which of the following: I. Outline consumer expectations of practitioners II. Outline practitioner expectations of consumers III. Protect consumers IV. Protect practitioners

Personal Financial Planning

Time Value of Money Concepts

Fundamentals of Personal Financial Planning

Estate Planning Basics

Charitable Gift Planning Basics

Principles of Risk and Insurance

Insurance Planning Basics, Part I

Insurance Planning Basics, Part II

Investment Basics

Investment Planning

Planning for Retirement and Financial Independence

Planning Vehicles for Retirement

Elder Planning Basics

Education Planning Basics

Applications in Estate Planning

Applications in Risk Management

Applications in Investment Planning

Applications in Planning for Retirement

Applications in Employee Benefits Planning

Applications in Executive Compensation Planning

Applications in Personal Financial Planning in Special Circumstances

Delivery Models and Regulatory Issues

Filters

The SSPFPS No. 1 provides ___ guidance and establishes _ standards for members.