CDFA Exam Study Materials Questions
and AnswersCDFA Exam Study Materials Questions
and AnswersCDFA Exam Study Materials Questions
and AnswersCDFA Exam Study Materials Questions
and AnswersCDFA Exam Study Materials Questions
and AnswersCDFA Exam Study Materials Questions
and AnswersCDFA ...
CDFA Exam Study Materials Questions
and Answers
5-year cliff vesting
✓ ~~~An employee who has at least five years of service must have a non-forfeitable right
to 100% of the employee's accrued benefit [IRC §411(a)(2)(A)].
3- to 7-year vesting (7-year graded vesting)
✓ ~~~An employee who has completed at least three years of service must have a non-
forfeitable right to at least the following percentages of his or her accrued benefit: 20%
after three years of service, 40% after four years of service, 60% after five years of
service, 80% after six years of service, and 100% after seven years of service [IRC
§411(a)(2)(B)].
Top-heavy plans or matching contributions typically use _________ vesting
✓ ~~~3-year cliff vesting or 6-year graded vesting.
Schedule A: Itemized Deductions
✓ ~~~Schedule ____ may help identify unlisted assets or sources of income. For example,
property taxes may reveal real property or a boat that one spouse does not know exists;
and gambling losses would reveal that there are gambling winnings.
Schedule B: Interest and Ordinary Dividends
✓ ~~~Schedule ____ identifies the assets and investments generating interest and
dividends.
Schedule C: Profit or Loss from Business
✓ ~~~Schedule ___ may be a place to hide assets or income. For example, depreciation
expense is not a cash outflow and should sometimes be added back to net income to
determine actual income. The depreciation schedule may also reveal additional assets in
the business.
,Schedule D: Capital Gains and Losses
✓ ~~~Schedule _______ is used to report gains and losses from the sale of stocks, bonds,
and real estate.
Schedule E: Supplemental Income and Loss
✓ ~~~Schedule _____ is used to report income from rental properties, royalties,
partnerships, and S-corporation income. Depreciation would be something to review.
Form 1065
✓ ~~~Form _________ is used to report partnership income.
Form 1120
✓ ~~~Form __________ is used to report corporate income
Form 1120S
✓ ~~~Form ___________ is used to report corporate income for S corporations.
Schedule 1: Additional Income and Adjustments to Income
✓ ~~~Schedule ____________________ includes additional income, such as capital gains,
unemployment compensation, prize or award money, and gambling winnings. It also
includes deductions such as student loan interest, self-employment tax, and educator
expenses.
Schedule 2 Tax
✓ ~~~Schedule _________ details the alternative minimum tax (ATM) or an excess
advance premium tax credit repayment.
Schedule 3 Nonrefundable Credits
, ✓ ~~~Schedule _________ is used to claim a nonrefundable credit other than the child tax
credit or the credit for other dependents, such as the foreign tax credit, education credits,
or general business credit.
Schedule 4 Other Taxes
✓ ~~~Schedule ___________ reports other taxes, such as self-employment tax, household
employment taxes, additional tax on IRAs or other qualified retirement plans and tax-
favored accounts.
Schedule 5: Other Payments and Refundable Credits
✓ ~~~Schedule _________ is used to claim a refundable credit other than the earned
income credit, American opportunity credit, or additional child tax credit.
Form 4562
✓ ~~~Form _________ reports deductions for depreciation and amortization as well as
provides information on the business/investment use of automobiles and other listed
property.
Form 4797
✓ ~~~Form ___________ reports the sale or exchange of business property and the
computation of recapture amounts under sections 179 and 280F(b)(2).
Accountant
✓ ~~~An __________________ is a person who is qualified to keep, audit, and inspect the
financial records of individuals or business concerns and prepares financial and tax
reports.
Actuary
✓ ~~~An ___________ is a person whose work is to calculate statistically risks, premiums,
and life expectancies for insurance and pension plans.
Attorney
, ✓ ~~~An ________________ person who is legally qualified and licensed to represent a
person in a legal matter, such as a transaction or lawsuit.
Business Valuator
✓ ~~~A _________________ is an individual who is trained in evaluating and assigning a
value to a business.
Divorce
✓ ~~~A __________________ is the legal proceeding by which a marriage is legally
terminated. It may be contested (where one party denies the allegation or wants to keep
the marriage in place) or uncontested.
Mediator
✓ ~~~A _______________ is an individual who has been trained to assist people in coming
to an agreement, especially one that reconciles differences between disputants.
Pension Valuator
✓ ~~~A ________________________ is an individual who is qualified to calculate the value
of defined benefit pension plans, such as the marital portion of a plan for the division of
assets in a divorce.
Arbitration
✓ ~~~_________________ is submitting a disputed matter for decision to a person who is
not a judge. The decision of an arbitrator is usually binding and final. Arbitration varies
greatly from mediation.
Best Interest of the Child
✓ ~~~_____________________________ is a discretionary legal standard used by judges
when making decisions about custody, visitation, and support for a child when the parents
are divorcing.
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