Mock paper #1
A full paper drawn to the blueprint. Answers and worked explanations are at the back of this file.
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Sit this the way you will sit the real one. A mock done in pieces over three evenings measures your notes, not your recall.
| Area | Questions | Share |
|---|---|---|
| Retirement Savings and Income Planning | 31 | 18% |
| Investment Planning | 29 | 17% |
| General Principles of Financial Planning | 25 | 15% |
| Tax Planning | 24 | 14% |
| Risk Management and Insurance Planning | 19 | 11% |
| Estate Planning | 17 | 10% |
| Professional Conduct and Regulation | 13 | 8% |
| Psychology of Financial Planning | 12 | 7% |
| Total | 170 | 100% |
CFP Board does not publish a passing score. The commonly-quoted figure (around 60-70%) is the pass RATE - the share of candidates who passed a sitting - not the mark you need. Our readiness target is measured against our own question bank.
Circle one letter for each question.
170 questions. 360 minutes.
What may a volunteer deduct?
Why might a planner recommend keeping a small mortgage rather than repaying it in full at retirement?
A client will receive $30,000 a year for 20 years, with the first payment one year from now, and can earn 5.5%. What is that stream worth today?
The paper carries one for every question, at the back. These are the three above.
Answer: D - Unreimbursed out-of-pocket costs, but not the value of their time
Because Out-of-pocket costs directly connected with the service, including travel at a stated mileage rate and supplies bought for the charity, are deductible. The value of donated services never is. IRS Pub 526
The mileage rate for charitable driving is set by statute and is much lower than the business rate. Substantiation rules apply to these expenses as to any other contribution.
Where the other options lead
Answer: A - To preserve liquidity, since home equity cannot easily be accessed once committed
Because Cash used to repay a mortgage is gone. Retrieving it requires selling the house or borrowing against it, and borrowing is hardest for a retiree with little earned income. For a client with a thin portfolio, liquidity may be worth more than the interest saved. Money Education, Fundamentals of Financial Planning, ch. 4
The counterweight is real: a repaid mortgage lowers required spending permanently, which reduces the portfolio's job and the sequence risk it faces. It is a genuine trade rather than a settled answer. Competency Handbook ch. 46
Where the other options lead
Answer: B - $358,510
Because This is the present value of an ordinary annuity: payments at the end of each period, discounted at the client's rate.
The perpetuity value, 30,000 divided by 0.055, is $545,450. That the 20-year annuity is worth about two thirds of a perpetuity is a useful check on any annuity answer. Competency Handbook ch. 43
Where the other options lead
CFP Exam: the whole syllabus taught, the questions that test it, 5 timed mocks, and all 6 PDFs to print.