CDFA EXAM LATEST 2024-2025 ACTUAL EXAM
300 QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY
GRADED A+
Terms in this set (288)
Aaron and Michelle have a c) Michelle can claim $2,000.
daughter, Julie, age three.
She lives with Michelle four
days a week and Aaron
three days a week. Both
Aaron and Michelle are
employed outside the
home and each pays half of
the $4,000 per year that it
costs to have Julie in a
daycare center during the
work-week. Who can claim
the childcare credit—and
for what amount?
a) Each parent can claim
half of the childcare
expenses.
b) Michelle can claim
$4,000.
c) Michelle can claim
$2,000.
d) Neither parent can claim
the childcare credit.
,According to statistics, b) 50%
approximately how many
divorce cases use the "pro
se" approach to settlement?
a) 40%
b) 50%
c) 60%
d) 70%
Accumulating all of one's a) Bunching deductions
expenses in one year to
maximize the itemized
deductions for that year is
called:
a) Bunching deductions
b) Bundling deductions
c) Maximizing deductions
d) Grouping deductions
Adam and Kim are b) $12,500
divorced. Adam was
awarded use of their jointly-
owned home for three
years. It has been three
years and Adam and Kim
have sold the home for
$920,000. The basis was
$360,000, the mortgage
was $420,000, and the
selling expenses were
$35,000. What is Kim's
taxable capital gain?
a) $0
b) $12,500
c) $30,000
d) $262,500
,Adam and Mary used and a) As long as he retains title to the residence, Adam is
owned their residence treated as using the
during their eight-year residence during the period that Mary uses it.
marriage. If Mary has the
right to possession of the
residence until it is sold in
six years, Adam qualifies for
the capital gain exclusion
for the sale of the residence
under which of the
following conditions?
a) As long as he retains title
to the residence, Adam is
treated as using the
residence during the period
that Mary uses it.
b) As long as he retains title
to the residence, Mary is
treated as using the
residence during the period
that Adam uses it.
c) If Adam is treated as
using the residence during
the period that Mary uses it,
then it does not matter if he
retains title to the residence.
d) If Mary is treated as using
the residence during the
period that Adam uses it,
then it does not matter if he
retains title to the residence.
, After being married for 12 b) $10,000 - cash value
years, Marty and Madeleine
are getting a divorce. Marty
has a universal life insurance
policy with a death benefit
of $100,000 and a cash
value of $10,000. Marty also
has a ten-year term policy
with a death benefit of
$100,000. Both of these
policies were purchased
during the marriage and
Madeleine is the beneficiary
on both policies. What is
the asset value of all of the
insurance?
a) $0
b) $10,000
c) $100,000
d) $200,000
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