CPFA : Certified Public Finance Administrator Exam

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APTUSC
CPFA
Certified Public Finance Administrator
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Question: 108
Employees Pension Scheme, 1995 (EPS) defines "past service" as ________.
A. Service rendered by the employee upto the date of exit from service
B. Service rendered by the employee upto the EPS came into force
C. Service rendered by the employee with an earlier employer
D. Service rendered by the employee from the date of joining Employees Family
Pension Fund till the EPS came into force
Answer: D
Question: 109
Rohini, aged 20 years debates that Retirement Planning is required for Males as
well as for those who are above 45 years, she says that she is young, she wants to
enjoy life and after marriage her spouse will take care of her retirement. As a
Financial Planner address her and provide an appropriate advice
A. Her views are untenable, since Retirement Planning has to be undertaken as
early as possible
B. Her views are tenable
C. No comments, since a Certified Financial Planner never debates
D. None of the above
Answer: A
Question: 110
Ms. Kolaveri is a Self Employed Professional conducting her own coaching
classes "M/s Raaga Classes" wants to open a PPF A/c (Public Provident Fund)
with State Bank of India. As a Financial Planner advise her with regard to the
same and do factor in the provisions of Sec 80-C of the Income TaxAct, 1961.
(assume that this question is asked by her in December 2011)
A. Minimum deposit at any time in a year Rs. 500 and Maximum Rs. 70,000
B. Minimum deposit at any time in a year Rs. 500 and Maximum Rs. 1,00,000
C. Minimum deposit at any time in a year Rs. 5000 and Maximum Rs. 1,00,000
D. Minimum deposit at any time in a year Rs. 100 and Maximum Rs. 1,00,000
Answer: B
Question: 111
Mr. Anthony Gonzalvis is working with SEBI wants to open a PPF A/c (Public
Provident Fund) with State Bank of India, but is concerned about the provisions
of "The Income Tax Act, 1961" with regard to its Contribution, Accumulation and
Withdrawal. As a Financial Planner address her concern and provide an
appropriate advise with reference to I.T Act, 1961.
Taxable, Exempt, Exempt, (TEE)
A. Exempt, Taxable, Exempt (ETE)
B. Exempt, Exempt, Taxable (EET)
C. Exempt, Exempt, Exempt (EEE)
Answer: D
Question: 112
"Defined Benefit Plans" are the following. 1. Gratuity 2. Employees Pension
Scheme 3. Leave Encashment 4. VRS 5. Provident Fund 6. Annuity Plans
available in the market
A. All are true except 6
B. Only 1,2 & 3 are true
C. Only 1,2, 3 & 4 are true
D. Only 1,2, & 5 are true
Answer: C
Question: 113
Mr. Ramalinga Raju joins a private limited company covered under the PF Act.
The employer contributes for all the employees only up to the specified salary
limit. His monthly salary consists of Rs.10,000 as basic, Rs.5,000 as DA and 10%
of the basic as HRA, calculate the EPS contribution
A. Rs. 1250
B. Rs. 541
C. Rs. 833
D. Rs. 1241
Answer: C
Question: 114
"Defined Contribution Plans" are the following: 1. Annuity Plan available in the
market 2. New Pension Scheme, 2004 3. Provident Fund 4. Gratuity as per
Payment of Gratuity Act,1972 5. Gratuity not as per Payment of Gratuity
Act,1972
A. Only 1 & 2 are true
B. Only 1,2 & 3 are true
C. Only 1,2, & 5 are true
D. Only 1,2, 3 & 5 are true
Answer: B
Question: 115
If a person receives gratuity and commuted pension then _________ of the
commuted amount of pension is tax free
A. One third
B. Half
C. Full
D. One fourth
Answer: A
Question: 116
Which one of the following is a method of estimating retirement income?
A. Weighted average method
B. Completed cost method
C. Proportion method
D. Replacement of income method
Answer: D
Question: 117
A scheme providing pension benefits as per Income Tax provisions is called:
A. Superannuation Scheme
B. Retirement Scheme
C. Retirement Income Scheme
D. Pension Scheme
Answer: A

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