You will frequently come across CFP® exam aspirants who excel in their studies and know the answers to practically all of the CFP® exam questions. On the other hand, they fail to complete the CFP® exam within the allotted time. This is simply a case of poor time management.
When taking the CFP® exam, time management is really important. When you solve many CFP® exam questions while setting a time restriction for yourself, you will notice that your speed in answering the problems has improved. CFP® Exam Prep by Achieve provides you with ten sample questions from the “Estate Planning” to improve your time management.
Q 1. The yearly exception for gift taxes in 2022 is $16,000. A married couple gave their kid $32,000 from their joint bank account. Which of the following statements is true?
A. The couple will need to file a gift tax return because the gift was split between spouses
B. The couple will need to file a gift tax return though no gift taxes are due
C. The couple will not need to file a gift tax return because the account was jointly owned
D. The couple will need to file a gift tax return because the full gift tax annual exclusion was used
Q 3. In 2022, Ron gave Vera a $30,000 future interest gift. Assuming Ron is married, how much of the present will be eligible for the annual exclusion from gift taxes?
Q 4. Ron entered into a life buy-sell agreement with his business partner, Cedric. Ron’s basis in the business is $375,000 and the buyout is for $850,000. If Ron dies, how much of his income will be taxable to his family?
Q 8. Which of the following statements about durable powers of attorney is/are correct? (1). A durable power of attorney survives the death of the principal.(2). A durable power of attorney survives disability of both the principal and the agent.
Q 9. Morris and Alice, a married couple, bought their property for $420,000 eight years ago. When Morris died earlier this year, the fair market value was $670,000. What is Alice’s new basis if the house is held as community property?
Q 10. Lewis’s adjusted gross estate is valued at $2,000,000. To qualify for the Section 6166 election, Lewis’s interest in a closely held business must exceed:
There is a high probability that you may see familiar questions in the CERTIFIED FINANCIAL PLANNER™ exam if you solve MCQs from the CFP® Exam Prep By Achieve App. When you are comfortable while solving questions, you will be able to answer them more quickly, freeing up time to answer other CFP® exam questions. Not only theoretical subjects but also tackling CFP® exam applied questions will improve your speed in solving numerical MCQs, which is essential for getting good scores in the exam. Download the app now to ace the CFP® exam.
