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Customer Needs Quiz

Comprehensive CEMAP quiz covering customer needs analysis, factfinding, and financial planning. Test your knowledge of client assessment, risk profiling, financial needs at different life stages, and regulatory requirements.

CEMAP Topics Covered: factfinding process, client needs analysis, income and expenditure assessment, attitude to risk, life stage financial planning, after-sales care, and FCA regulatory requirements.

This quiz is specifically designed for CEMAP students preparing for their exams and financial advisers maintaining their professional knowledge.

CEMAP quiz, Certificate in Mortgage Advice and Practice, customer needs, factfinding, financial planning, risk assessment, client profiling, financial advice

Customer Needs Quiz

1. What is the primary purpose of a factfind?

A. To sell financial products
B. To gather personal and financial information about the client
C. To calculate the client's tax liability
D. To assess the client's credit score

2. Which of the following is a typical financial need for young adults in employment?

A. Saving for retirement
B. Borrowing to fund education
C. Saving for a house deposit
D. Planning for long-term care

3. What is a key consideration when analyzing a client's income and expenditure?

A. Their favorite holiday destination
B. Their past income levels
C. Their attitude to risk
D. Their surplus income available for savings or investments

4. Why is it important to establish a client's place of birth during a factfind?

A. To determine their creditworthiness
B. To assess their eligibility for state benefits
C. To establish their domicile for tax purposes
D. To understand their past

5. What is the purpose of assessing a client's attitude to risk?

A. To determine their debt to income
B. To recommend suitable financial products
C. To calculate their tax liability
D. To assess long-term planning needs

6. Which of the following is a key financial need for a client with dependents?

A. Protecting against loss of income due to illness or death
B. Saving for a house deposit
C. Investing in high-risk high-reward equities
D. Maximizing pension contributions

7. What is the purpose of presenting a features and benefits analysis to a client?

A. To meet a regulatory requirement that all financial products be accompanied by a full cost-benefit ratio calculation.
B. To replace the need for any discussion about the client's personal circumstances or objectives.
C. To provide a detailed technical manual so the client can service the product themselves without professional assistance.
D. To explain how the product meets their needs

8. What is the purpose of after-sales care?

A. To ensure the client is satisfied and their needs are met
B. To sell additional products
C. To calculate the client's future tax liability
D. To ensure the clients credit score remains excellent

9. How long must records relating to pension transfers be retained?

A. 3 years
B. 5 years
C. 7 years
D. Indefinitely

10. What is the primary objective of the FCA?

A. To maximize profits for financial institutions
B. To protect consumers and ensure market integrity
C. To regulate international trade
D. To manage government debt

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