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CFP > General Principals > Flashcards

General Principals Flashcards

1
Q

Types of Phantom Income: Insurance, Investments, Tax/Retirement?

A

Insurance - Lapse of Policy Loan & Section 162

​Investments - Zero/Strip Income & TIPS &Declared but not paid Dividends

Tax/Retirement - K-1 Income from LP & Recapture & NUA

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2
Q

FASFA

Is required for applying to what institutions?

What fees are there for applying to FASFA?

When is earliest application for FASFA?

Who needs to submit tax returns with application?

What can reduce the amount of financial aid given?

A

All institutions

No fees

October 1st before year going to college

Parents and kids

Scholarships

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3
Q

Which should be done first: cash flow or risk tolerance survey?

A

Cash flow (this will help guide the risk survey)

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4
Q

Inappropriate extrapoltation

A

continuation of recent events

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5
Q

Lose Aversion and Risk Taking

A

taking winnings and adding to the losers

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6
Q

Prospect Theory

A

Loses hurt more than gains

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7
Q

When must a CFP act as a Fiduciary?

A

When providing any Financial Advice

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CFP (4 decks)

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