Exam Code: FP2
Exam Name: Financial Planning II (FPII)
Updated: Oct 08, 2026
Q & A: 62 Questions and Answers
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Peter and Anna have been feeling like their debt is out of control. They have several credit cards maxed out along with vehicle loans and are having trouble keeping up with all of the payments. The couple does not own a home, but both have stable employment. They are meeting with their financial advisor, Joy, to discuss options for their debt situation. What is the most suitable option for them?
Correct Answer: A 🗳️
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What type of trust is formed when one party is unjustly enriched at the expense of another person?
Correct Answer: A 🗳️
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The following table outlines details for a life insurance policy issued in 1995:
Details
Amounts
Cash surrender value
$8,000
Premiums paid
$6,000
Dividends declared
$1,500
Net cost of pure insurance
$750
Marginal tax rate
30%
Assuming the policy is completely surrendered, what are the taxes payable?
Correct Answer: B 🗳️
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What is a disadvantage of a corporation?
Correct Answer: C 🗳️
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What is outside the statutory requirements of a domestic contract between parties?
Correct Answer: D 🗳️
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