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CDFA Exam Study Materials Test Questions And Answers

CDFA Exam Study Materials Test  Questions And Answers

CDFA Exam Study Materials Test
Questions And Answers
5-year cliff vesting - CORRECT ANSWER- 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) - CORRECT ANSWER- 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 -
CORRECT ANSWER- 3-year cliff vesting or 6-year graded vesting.
Schedule A: Itemized Deductions - CORRECT ANSWER- 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 - CORRECT ANSWER- Schedule ____
identifies the assets and investments generating interest and dividends.
Schedule C: Profit or Loss from Business - CORRECT ANSWER- 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 - CORRECT ANSWER- Schedule _______ is
used to report gains and losses from the sale of stocks, bonds, and real estate.
Schedule E: Supplemental Income and Loss - CORRECT ANSWER- Schedule _____
is used to report income from rental properties, royalties, partnerships, and Scorporation income. Depreciation would be something to review.
Form 1065 - CORRECT ANSWER- Form _________ is used to report partnership
income.
Form 1120 - CORRECT ANSWER- Form __________ is used to report corporate
income
Form 1120S - CORRECT ANSWER- Form ___________ is used to report corporate
income for S corporations.
Schedule 1: Additional Income and Adjustments to Income - CORRECT ANSWERSchedule ____________________ 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 - CORRECT ANSWER- Schedule _________ details the alternative
minimum tax (ATM) or an excess advance premium tax credit repayment.
Schedule 3 Nonrefundable Credits - CORRECT ANSWER- 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 - CORRECT ANSWER- Schedule ___________ reports other
taxes, such as self-employment tax, household employment taxes, additional tax on
IRAs or other qualified retirement p

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