Liberty BUSI 352 Quiz 8 Answers Complete Solutions
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Question 1 Owen, a CFP® professional, works for a brokerage firm that requires any investment products or loans offered to a client must be proprietary products of the brokerage firm. One of Owen’s clients, “Dominic” that he has been providing financial planning services to for the past 10 years asked Owen to recommend a loan. Owen is still engaged in the financial planning process with this client. According to the CFP Code of Ethics, what action is Owen required to take?
Question 3 A grocery store puts chocolate chip cookies on sale, which increases the demand for milk. What are the two products?
Question 4 During a period of recession/contraction, which of the following would be true? 1: The supply of goods and services would be decreasing. 2: Interest rates would be decreasing. 3: Unemployment would be increasing. 4: Inflation would be decreasing.
Question 5 Which of the following is a fiscal policy tool used by Congress that influences the money supply and interest rates?
Question 6 The CFP Board’s Practice Standards are intended to:
Name: Jennifer Lucas
Status: Online ⬤
Classes Taken: 3878
Question 7 Under the CFP Board’s Rules of Conduct, violations of the Rules of Conduct may subject a certificant or registrant to discipline. Which of the following is true with respect to any such violations? 1: Discipline extends to the rights of registrants and certificants to use the CFP marks. 2: The rules are designed to be a basis for legal liability to any third party. 3: The CFP Board has the exclusive right to ensure that certificants and registrants meet and continue to meet the CFP Board’s initial and ongoing certification requirements.
Question 8 All of the following are examples of monetary policy except?
Question 9 If the price of a luxury car decreases by a small amount, and there is a significantly large increase in demand, what can be said about the demand?
Question 10 Due to a shortage in supply, the price of corn increases suddenly, causing a decrease in the demand for corn and an increase in the demand for carrots. Which term best describes the relationship between corn and carrots?
Question 11 Increasing inflation rates and increasing interest rates would be characteristic of:
Question 12 Rose is employed as a loan officer at a bank. Rose recently sat down and visited with her financial planner Julie, a CFP® professional. Rose was in need of cash and borrowed $15,000 from Julie. Based on Rule 3.7 of the CFP® Rules of Conduct (A certificant shall not lend money to a client.), which of the following statements is accurate?
Question 13 Which of the following is not specifically addressed in the CFP Board’s Standards of Professional Conduct?
Question 14 Low interest rates and high unemployment would be characteristic of what phase of the business cycle?
Question 15 Bob is a CFP® professional. He recently met with a new client, Jack, who requests a needs analysis concerning Jack’s life insurance situation. Jack is 42 years old, married, and has 2 children he plans to send to college. He wants Bob to evaluate how much and what type of insurance he should purchase. Which of the following is required to be provided to Jack according to the Code of Ethics?