CSI FP2 real exam prep : Financial Planning II (FPII)

  • Exam Code: FP2
  • Exam Name: Financial Planning II (FPII)
  • Updated: Oct 11, 2026
  • Q&As: 62 Questions and Answers

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CSI Financial Planning II (FPII) Sample Questions:

Question #1

What type of trust is formed when one party is unjustly enriched at the expense of another person?

  • A. Constructive.
  • B. Resulting.
  • C. Private.
  • D. Social.
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Correct Answer: A  🗳️

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Question #2

What factors are used for calculating contributions to an individual pension plan?

  • A. Annual contributions are based on the employee's unused registered retirement savings plan deduction room plus 18% of their earned income from the previous year.
  • B. Annual contributions required to fund the plan must be calculated based on the age of the employee, the benefit formula and amount of business profits available.
  • C. Annual contributions are based on the lesser of 18% of the employee's salary paid by the employer or half the limit for money purchase plans.
  • D. Annual contributions required to fund the plan must be calculated based on the age of the employee, their earnings history and the benefit formula.
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Correct Answer: D  🗳️

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Question #3

What is the primary difference between a Life Income Fund (LIF) and a Registered Retirement Income Fund (RRIF)?

  • A. Minimum LIF payments are fully taxable as income for the year in which they are received but minimum RRIF payments are not taxable.
  • B. RRIFs may be purchased with a registered retirement savings plan, another RRIF or pension funds that are not locked-in, but a LIF can only be purchased with funds from a retirement compensation arrangement.
  • C. Plan holders of either type must make minimum withdrawals each year, but there is also a maximum annual amount LIF holders may withdraw.
  • D. All plan holders must purchase a life annuity in the year they reach 80 with the balance of funds remaining in the LIF.
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Correct Answer: C  🗳️

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Question #4

Mr. and Mrs. Morrone are retired with two adult children, Joseph and Christine. The Morrones appointed Joseph as their power of attorney several years earlier but they have recently become concerned about him making decisions, particularly on some contentious family property. How can the Morrones address their concern?

  • A. Grant joint power of attorney authority to both Joseph and Christine.
  • B. Restrict his authority to just property-related decisions.
  • C. Ensure that their power of attorney is continuing and enduring.
  • D. Restrict his authority to a specific period of time.
Reveal Solution  Discussion  0

Correct Answer: A  🗳️

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Question #5

Bonny is looking to lease a vehicle. Here is the information given to her by the salesperson:
Net capitalized value
$25,000
Monthly payments
$300
Term of the lease
48 months
Residual value
$13,450
Sales taxes on residual value
$1,749
Down payment (including taxes)
$4,500
What is the total cost of leasing?

  • A. $30,299.
  • B. $34,099.
  • C. $43,900.
  • D. $18,900.
Reveal Solution  Discussion  0

Correct Answer: D  🗳️

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