CPFA Practice Questions - Certified Plan Fiduciary Advisor Exam - CPFA Practice Questions

Question 1

The numbering in ERISA fiduciary roles 3(16), 3(21), and 3(38) refers to which part of ERISA?

Section 3, which contains the statute's definitions Title III of the regulations The third Department of Labor field assistance bulletin Section 3 of the Internal Revenue Code

Correct Answer:

Section 3, which contains the statute's definitions

Question 2

Which fiduciary role is defined under ERISA Section 3(16)?

Investment manager with discretion over plan assets Plan administrator responsible for plan operations and required disclosures Investment adviser who only makes recommendations Trustee who holds title to plan assets

Correct Answer:

Plan administrator responsible for plan operations and required disclosures

Question 3

A 3(21) investment fiduciary differs from a 3(38) investment manager primarily because the 3(21) fiduciary:

Takes full discretionary control and shifts investment liability away from the plan sponsor Handles only Form 5500 filings Provides recommendations that the plan sponsor must approve or reject Cannot be compensated for advice

Correct Answer:

Provides recommendations that the plan sponsor must approve or reject

Question 4

When a plan sponsor hires a 3(38) investment manager, what is the sponsor's remaining fiduciary responsibility?

No fiduciary duty remains for any aspect of the plan Filing the manager's Form ADV with the SEC Approving every individual investment trade Prudently selecting and monitoring the 3(38) manager

Correct Answer:

Prudently selecting and monitoring the 3(38) manager

Question 5

ERISA's duty of loyalty requires that a fiduciary act:

Solely in the interest of plan participants and beneficiaries In the best interest of the plan sponsor's shareholders To maximize the service provider's compensation To minimize the employer's tax liability

Correct Answer:

Solely in the interest of plan participants and beneficiaries

Question 1

Exam overview

About this Exam

Prepare with the CPFA Practice Questions - Certified Plan Fiduciary Advisor Exam practice quiz. This question bank includes 100 questions covering plan, fiduciary, erisa, investment, and section. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

More details

Additional Information

CPFA Practice Questions - Certified Plan Fiduciary Advisor Exam

This practice set contains 100 questions from the matching question bank and focuses on plan, fiduciary, erisa, investment, and section. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

Quiz information

Frequently Asked Questions

The complete question count is available after full access is unlocked.

No fixed duration is currently configured for this quiz.

Question explanations are included where they are available in the quiz content, helping you review the reasoning after answering.

Yes. You can retake the practice test again as you continue studying during your available access period.

After your access is confirmed, you can continue into the complete practice exam from this quiz flow.

Unless explicitly stated otherwise, this page provides independent practice material for study and exam preparation and is not the official examination itself.

Keep studying

Correct Answer:

Correct Answer:

Correct Answer:

Correct Answer:

Correct Answer:

About this Exam

Additional Information

CPFA Practice Questions - Certified Plan Fiduciary Advisor Exam

Frequently Asked Questions

Related Questions

ISC2 Certified in Cybersecurity Practice Exam

Architectural Planning Board Practice Exam

Architecture Board Exam - Site Planning Practice] Practice Exam

Architecture Licensure Exam History Theory Planning Practice Test

Arizona CNA Certified Nursing Assistant Practice Exam

Arizona Fiduciary License Practice Exam