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CSI Financial Planning II (FPII) Sample Questions:
What is the maximum of the payor spouse's net income that may be deducted to fulfil child support obligations?
- A. 60%.
- B. 50%.
- C. 40%.
- D. 33%.
Correct Answer: B 🗳️
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Tara bought an insurance policy on Wednesday, June 6. What date would her rescission right end?
- A. Friday, June 8.
- B. Wednesday, June 20.
- C. Saturday, June 16.
- D. Friday, July 6.
Correct Answer: C 🗳️
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Evelyn spends a great deal of her money on vacations. Consequently, her net cash flow is not as much as she would like. What is the best strategy to help Evelyn improve her cash flow?
- A. Increase liquidity of her savings.
- B. Prioritize and control her spending.
- C. Reduce non-discretionary expenses.
- D. Set up a separate account to save for her next vacation.
Correct Answer: B 🗳️
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Which resource will affect a pensioner's Guaranteed Income Supplement entitlement?
- A. Cottage property.
- B. Investment assets.
- C. Old Age Security income.
- D. Dividends.
Correct Answer: D 🗳️
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When a Canadian works abroad for a Canadian employer, what proof must be provided to have that time qualify as residence in Canada for Old Age Security?
- A. Proof of Canadian Residency.
- B. Proof of paying Canadian Income Tax.
- C. Proof of employment from the Canadian employer and proof of physically returning to Canada within 6 months of ending employment.
- D. Proof of returning to Canada within one year of ending employment and proof of paying Canadian income taxes.
Correct Answer: C 🗳️
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