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FPQP Certification > Hodge Podge > Flashcards

Hodge Podge Flashcards

Mixture of Financial Topics

1
Q

7 Steps to Personal Financial Planning: Short answer version.

A
  1. Understanding
  2. Identifying
  3. Analyzing
  4. Developing
  5. Presenting
  6. Implementing
  7. Monitoring
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2
Q

Fundamental Areas of Financial Planning

A
  1. Estate
  2. Cash Management
  3. Insurance
  4. Retirement
  5. Investment
  6. Tax
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3
Q

Fiduciary Standard

A
  1. Client’s interest First
  2. Act with utmost good faith
  3. Provide full and adequate disclosure of all material
    facts.
  4. Not to mislead clients
  5. Expose all conflicts of interests.
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4
Q

Paraplanner Qualified Professional Code of Ethics

A
  1. Fiduciary Duty
  2. Integrity
  3. Competence
  4. Diligence
  5. Professionalism
  6. Confidentiality
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5
Q

Registered Investment Advisors (RIA)

Form ADV Part 2 - Brochure Rule

A
  1. Advisory services and fees
  2. Types of client served
  3. Types of investments used
  4. Education and Business background
  5. Conditions for managing accounts
  6. Review of Accounts
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6
Q

4 Key Components of becoming a CFP

A
  1. Education
  2. Exam
  3. Experience
  4. Ethics
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7
Q

Assets are separated into 3 catagories

A

1, Cash/Cash equivalents (Liquidity assets)

  1. Invested assets
  2. Use Assets
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8
Q

A statement of financial position is sometimes called a …

A

Net Worth Statement

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9
Q

A profile of what is owned (assets), what is owed (Liabilities) and an individuals net worth at a specific point in time.

A

Statement of Financial Position.

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10
Q

The ease of buying and selling an asset at any price

A

Marketability

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11
Q

Indicates the percentage of income that goes to housing costs

A

Front-end Ratio.

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12
Q

Housing should not exceed what percentage of gross monthly income

A

28%

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13
Q

What are the 2 debt to income ratios?

A

Front-end & Back-end

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14
Q

Ration that identifies the percentage of income used for recurring debt payments which include housing, credit card payments, etc.

A

Back-end Ratio

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15
Q

Back-End Ratio should not exceed?

A

36% of gross monthly income

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16
Q

Ratio compares annual payments to service costs. Excludes mortgage debt and uses take home pay (Net Income)

A

Nonmortage debt-to-income ratio

17
Q

5 things lenders consider when evaluating a potential borrower.

A
  1. Character
  2. Capital
  3. Capacity
  4. Collateral
  5. Conditions
18
Q

Borrower is charged a higher interest rate due to credit report problems

A

risk-based pricing

19
Q

Two types of credit

A
  1. Installment

2. Revolving

20
Q

HELOC

A

Home Equity Line of Credit

21
Q

Credit cards are an example of

A

Open-end credit

22
Q

The percentage of income that landlords use for perspective renters

A

20 - 40% of gross income

FPQP Certification (10 decks)

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