CFP — Certificate in Financial Planning Savings Practice Questions
The free CFP — Certificate in Financial Planning questions that deal with savings, with answers and explanations. The full bank and the timed practice test cover every topic the exam asks about.
Question #3
Lisa is a single mother planning for her child's education. Which savings plan should she consider?
Correct answer: B
Explanation
A 529 College Savings Plan is specifically designed for education savings and offers tax advantages.
Question #6
Kevin plans to retire in 5 years and wants to maximize his savings. Why should he consider diversifying his investments?
Correct answer: D
Explanation
Diversification helps spread risk and reduce volatility, important in nearing retirement.
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