CRPC PRACTICE EXAM 2024 ACTUAL EXAM 150 QUESTIONS WITH DETAILED VERIFIED SOLUTIONS /A+ GRADE ASSURED

CRPC PRACTICE EXAM 2024 ACTUAL
EXAM 150 QUESTIONS WITH DETAILED
VERIFIED SOLUTIONS /A+ GRADE
ASSURED
Which one of the following is a correct statement about
the amount of Social Security retirement benefits
available when a fully insured worker's retirement
benefit begins at full retirement age (FRA)?
A)
If the spouse is at or above his or her full retirement
age when commencing Social Security benefits, the
spouse will receive at least 50% of the worker's PIA.
B)
The worker will receive 80% of his or her primary
insurance amount (PIA).
C)
A 63-year-old spouse of the retired worker will receive
at least 50% of the worker's PIA.
D)
If the spouse of the worker has attained FRA and is
entitled to benefits on their earning record, the benefit
is the lesser of 100% of the spouse's own PIA or 50% of
the worker's PIA. - ...ANSWER...A
Which one of the following is correct regarding most
types of tax exempt interest and the taxation of Social
Security benefits?
A)
None of the tax-exempt interest is included in the
computation of the taxation of Social Security benefits.
B)
All of the tax-exempt interest is included in the
computation of the taxation of Social Security benefits.
C)
50% of the tax-exempt interest is included in the
computation of the taxation of Social Security benefits.
D)
85% of the tax-exempt interest is included in the
computation of the taxation of Social Security benefits.
- ...ANSWER...B
Susan has reached full retirement age (FRA). She is
trying to decide between starting Social Security
benefits of $1,000 per month now, or delaying receipt
for three years and using her savings to provide
current income. By delaying three years her benefit
would increase to $1,240 per month. Ignoring the time
value of money and cost-of-living adjustments, use the
break-even calculation to determine how much longer
Susan will need to live in order for delaying to "pay off."
A)
She should delay only if she expects to live beyond the
next 15½ years or so.
B)
She should delay beyond FRA regardless of her life
expectancy in order to maximize her lifetime benefit.
C)
She should begin at FRA if she expects to live beyond
the next three years.
D)
She should begin her benefits at FRA regardless of her
life expectancy in order to maximize her lifetime
benefit. - ...ANSWER...A
Sam, age 62, begins receiving his Social Security
income. His PIA is $1,500 per month. Because he has
filed at age 62, his payment will be reduced by 25% to
$1,125. His wife Linda, age 67, would like to begin
spousal benefits. Her monthly income would be
A)
$562.50.
B)
$1,500.00.
C)
$1,125.00.
D)
$750.00. - ...ANSWER...D
Unsystematic risk
A)
can be effectively eliminated.
B)
increases during periods of volatile interest rates.
C)
is reduced when markets fluctuate less.
D)
is increased through diversification. - ...ANSWER...A
Sources of risk include which of the following?
I.fluctuating exchange rates
II.a firm's financing decisions