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AFS and FPA members can earn CE credits through Financial Services Review. Go to FPAJournal.org. 

To receive one hour of continuing education credit allotted for this exam, you must answer four out of 
five questions correctly. CE credit for this issue of Financial Services Review expires December 31, 
2023, subject to any changes dictated by CFP Board. AFS and FPA offer Financial Services Review CE 
online-only—paper continuing education will not be processed. Go to FPAJournal.org to take current 
and past CE exams (free to AFS and FPA members). You may use this page for reference. Please allow 
2-3 weeks for credit to be processed and reported to CFP Board. 

 
1. In their article, Mussa et al., that the short-term 

financial behavior that the majority of 
respondents selected “yes” to was . 

a. Always paid credit card in full 
b. Spent less or equal to income 
c. Not overdraft checking account 
d. None of the above 

2. The following variables are associated with 
good long-term financial behavior in the 
Mussa et al., article. 

a. All individual tech savvy variables 
b. No individual tech savvy variables 
c. Mobile use for transfer and mobile use 

in person 
d. Web app for personal use and web app 

for work 

3. In DiLellio and Simon’s, mathematical model 
for taxation, which of the following income 
sources are taxed at the preferential capital gains 
tax rate? 

a. Social security 
b. Qualified dividends in the taxable account 
c. Bond interest 
d. Pension benefits 

4. In the sensitivity analysis found in 
seeking tax alpha in retirement income, 
which variables had the smallest effect 
on tax alpha? 

a. Percent increase of tax rates after 
TCJA expiration 

b. Glide path transition from stocks 
to bonds, per year 

c. Inflation rate 
d. Stock and bond rate of return 

 
5. In Dr. Starr’s article, if we are to ignore 

variables related to a person’s family of 
origin, the following kinds of giving are 
significantly and positively correlated to 
the amount of retirement savings 
accumulated, except for: 

a. Donations to religious 
organizations 

b. Donations to organizations that 
support youth 

c. Donations to organizations that 
promote environmental protection 

d. Donations to organizations that 
help the needy 

CE 
1-hour general principles of financial planning, risk and insurance planning, and estate planning