Retiring Allowances
KNOWLEDGE EXPECTED OF: QAFP® Professionals
Highest Knowledge Level: Understanding
Knowledge Levels and Associated Verbs
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Awareness
The state of being aware that something exists / to have familiarity with a particular activity or subject
|
Understanding
To comprehend the general relationship of particulars / to have an expertise with how something works
|
Application
Ability to put information to use / to use knowledge for relevant, practical purposes
|
Evaluation
To judge or conclude by utilizing data / a systematic determination of something’s worth or significance
|
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|---|---|---|---|---|---|---|---|---|---|
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Define
To state exactly the meaning of
|
Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
|
Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
|
Determine
To ascertain / to come to a decision, such as by investigation or reasoning
|
Compare
To note the similarities and differences between two or more things
|
Estimate
To determine an approximate value for
|
Calculate
To find the value using mathematics
|
Convert
To change from one form or purpose to another
|
Evaluate
To reach a conclusion or make a through careful study
|
Interpret
To give the meaning of / to construe or understand / to translate orally
|
Hold cursor over or click on each term to read its definition.
- Define a retiring allowance.1
- Explain the circumstances when a retirement allowance may be received.2
- Identify the parties to whom a retiring allowance may be paid.3
- Identify the parts of a retiring allowance.4
- Explain how the tax impact of receiving a retiring allowance may be reduced.5
- Explain the amount of a retiring allowance that is eligible for a tax-deferred direct transfer to an eligible registered plan.6
- Identify the types of registered plans to which a retiring allowance may be transferred tax-deferred.7
- Explain the methods by which a retiring allowance may be received with no tax implications to the employee.8
REFERENCES
KNOWLEDGE EXPECTED OF: CFP® Professionals
Highest Knowledge Level: Understanding
Knowledge Levels and Associated Verbs
|
Awareness
The state of being aware that something exists / to have familiarity with a particular activity or subject
|
Understanding
To comprehend the general relationship of particulars / to have an expertise with how something works
|
Application
Ability to put information to use / to use knowledge for relevant, practical purposes
|
Evaluation
To judge or conclude by utilizing data / a systematic determination of something’s worth or significance
|
||||||
|---|---|---|---|---|---|---|---|---|---|
|
Define
To state exactly the meaning of
|
Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
|
Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
|
Determine
To ascertain / to come to a decision, such as by investigation or reasoning
|
Compare
To note the similarities and differences between two or more things
|
Estimate
To determine an approximate value for
|
Calculate
To find the value using mathematics
|
Convert
To change from one form or purpose to another
|
Evaluate
To reach a conclusion or make a through careful study
|
Interpret
To give the meaning of / to construe or understand / to translate orally
|
Hold cursor over or click on each term to read its definition.
- Define a retiring allowance.1
- Explain the circumstances when a retirement allowance may be received.2
- Identify the parties to whom a retiring allowance may be paid.3
- Identify the parts of a retiring allowance.4
- Explain how the tax impact of receiving a retiring allowance may be reduced.5
- Explain the amount of a retiring allowance that is eligible for a tax-deferred direct transfer to an eligible registered plan.6
- Identify the types of registered plans to which a retiring allowance may be transferred tax-deferred.7
- Explain the methods by which a retiring allowance may be received with no tax implications to the employee.8
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