CDFA Exam Study Materials Q&A Latest Update 2025

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CDFA Exam Study Materials | Q&A Latest 2025/2026 | 100% PASS 5-year cliff vesting - Answer -An employee who has at least five years of service must have a non-forfeitable right to 100% of the employee's accrued benefit [IRC §411(a)(2)(A)]. 3- to 7-year vesting (7-year graded vesting) - Answer -An employee who has completed at least three years of service must have a nonforfeitable right to at least the following percentages of his or her accrued benefit: 20% after three years of service, 40% after four years of service, 60% after five years of service, 80% after six years of service, and 100% after seven years of service [IRC §411(a)(2)(B)]. Top-heavy plans or matching contributions typically use _________ vesting - Answer -3-year cliff vesting or 6-year graded vesting. Schedule A: Itemized Deductions - Answer -Schedule ____ may help identify unlisted assets or sources of income. For example, property taxes may reveal real property or a boat that one spouse does not know exists; and gambling losses would reveal that there are gambling winnings. Schedule B: Interest and Ordinary Dividends - Answer -Schedule ____ identifies the assets and investments generating interest and dividends. Schedule C: Profit or Loss from Business - Answer -Schedule ___ may be a place to hide assets or income. For example, depreciation expense is not a cash outflow and should sometimes be added back to net income