10/6/24, 7:31 AM CRPC EXAM PRACTICE MOST RECENT 2024/2025 UPDATE QUESTIONS AND CORRECT DETAILED ANSWERS WITH R…
CRPC EXAM PRACTICE MOST RECENT
2024/2025 UPDATE QUESTIONS AND CORRECT
DETAILED ANSWERS WITH RATIONALES
(VERIFIED ANSWERS) |ALREADY GRADED
A+|GET IT 100% ACCURATE
Terms in this set (85)
Mary Goodwin's financial C
situation is as follows:
Cash/cash equivalents
$15,000
Short-term debts $8,000
Long-term debts
$133,000
Tax expense $7,000
Auto note payments
$4,000
Invested assets $60,000
Use assets $188,000
What is her net worth?
A)$111,000
B)$137,000
C)$122,000
D)$263,000
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,10/6/24, 7:31 AM CRPC EXAM PRACTICE MOST RECENT 2024/2025 UPDATE QUESTIONS AND CORRECT DETAILED ANSWERS WITH R…
At the end of last year, A
Bill Greer has the
following financial
information:
Salaries$70,000Auto
payments$5,000Insuranc
e
payments$3,800Food$8,
000Credit card
balance$10,000Dividends
$1,100Utilities$3,500Mort
gage
payments$14,000Taxes$1
3,000Clothing$9,000Inter
est
income$2,100Checking
account$4,000Vacations
$8,400Donations$5,800
What is the cash flow
surplus or (deficit) for
Bill?
A)
$2,700
B)
$6,500
C)
$10,700
D)
($500)
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,10/6/24, 7:31 AM CRPC EXAM PRACTICE MOST RECENT 2024/2025 UPDATE QUESTIONS AND CORRECT DETAILED ANSWERS WITH R…
Which of the following D
are correct statements
about income
replacement
percentages?
I.Income replacement
percentages are typically
much higher for those
with higher preretirement
incomes.
II.Income replacement
percentages vary
between low-income and
high-income retirees.
III.Income replacement
ratios should not be used
as the only basis for
planning.
IV.Income replacement
ratios are useful for
younger clients as a
guide to their long-range
planning and investing.
A)
I and IV
B)
I and II
C)
II and III
D)
II, III, and IV
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, 10/6/24, 7:31 AM CRPC EXAM PRACTICE MOST RECENT 2024/2025 UPDATE QUESTIONS AND CORRECT DETAILED ANSWERS WITH R…
If Tom and Jenny want to B
save a fixed amount
annually to accumulate
$2 million by their
retirement date in 25
years (rather than an
amount that grows with
inflation each year), what
level annual end-of-year
savings amount will they
need to deposit each
year, assuming their
savings earn 7%
annually?
A)
$55,692
B)
$31,621
C)
$29,552
D)
$54,130
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