2024 FP511 Final Exam New Version/ FP511 Exam with All Questions from Actual Past Exam and 100% Correct Answers

2024 FP511 Final Exam New Version/ FP511 Exam with All
Questions from Actual Past Exam and 100% Correct
Answers
Which of the following statements regarding the classical economics approach to
financial counseling is CORRECT?
I. This approach features the use of a SWOT analysis.
II. This approach is based on the use of psychoanalytic theory such as Freudian or
Gestalt theory.
III. Clients choose among alternatives based on objectively defined cost-benefit and
risk-return tradeoffs.
IV. This approach believes that increasing financial resources or reducing financial
expenditures results in improved financial outcomes. --------- Correct Answer ----------
The correct answer is III and IV. Statement I is incorrect; the strategic management
approach features the use of a SWOT analysis. Statement II is incorrect; the financial
counseling approach that is based on the use of psychoanalytic theory such as
Freudian or Gestalt theory is the psychoanalytic approach.
Which of the following statements regarding open-ended and closed-ended questions is
CORRECT?
I. Planners should use as many open-ended questions as possible when developing
client goals and expectations.
II. Closed-ended questions facilitate effective communication between the client and
planner because they require the client to answer in her own words. --------- Correct
Answer ---------- The correct answer is I only. Planners should use as many open-ended
questions as possible when developing client goals and expectations. These types of
questions require clients to answer in their own words. Open-ended questions facilitate
effective communication between clients and planners. Statement II is incorrect.
Closed-ended elicit "yes" or "no" answers, and this can restrict communication.
Ryan is considering purchasing a variable universal life policy. Identify the licenses you
must maintain to sell him the policy.
I. Series 24
II. Series 65
III. Series 6 or 7
IV. A variable state insurance license --------- Correct Answer ---------- The correct
answer is III and IV. Generally, you must maintain a Series 6 or a Series 7 license and a
variable state insurance license to sell variable universal life insurance. A Series 24
license is maintained by any person actively engaged in managing a member's
securities or investment banking business, including supervising, soliciting, and
conducting business, or in training persons associated with the member. A Series 65
license allows the holder to provide investment advice to clients within the holder's state
of residence.