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

a.

b.

c.

d.

2.

a. Policyholder

b. Beneficiaries

c. Insurance company

d. All of the above

3.

a. Unexpected needs of dependents

b. Medical expense shocks

c. Death of the insured

d. Unemployment

5. Do large 401(k) plans generally have

lower fees than small 401(k) plans?

a. They generally have the same

level of fees.

b. Small 401(k) plans generally

have lower fees than large

401(k) plans.

c. Large 401(k) plans generally

have lower fees than small

401(k) plans.

d. The level of fees varies for both

sizes of plans so that you cannot

make a generalization.

4. Are workers with low financial literacy

generally better off in IRAs or 401(k)

plans?

a.

b.

d. Persons with low financial

literacy are generally equally

well off in either an IRA or a

401(k) plan.

In West, de Zwaan, and Johnson, the authors 

examine the financial literacy performance of

adults at an Australian university and find______.

There are no gender differences in 

financial literacy performance.

Women perform better in tests of

financial literacy performance than men.

More women select the non-response

option than men. 

Financial literacy performance is related

to confidence with money.

In Mulholland and Finke, which stakeholder

is economically affected by life insurance policy

lapsation ?

In Mulholland and Finke, all of the following are

non-mortality background risks that lead to a need

for liquidity, EXCEPT:

It depends on the plan, so one

cannot generalize that either is

better than the other.

Persons with low financial

literacy are generally better off

in IRAs.

c. Persons with low financial

literacy are generally better off

in 401(k) plans.