Financial Planning Body of Knowledge

The Financial Planning Body of Knowledge (FP-BoK) describes knowledge expected of CFP^® professionals and QAFP^TM professionals.

knowledge topics

Explain how income earned by a sole proprietor is taxed.
Explain how personal property transferred by a sole proprietor into a sole proprietorship may be treated for tax purposes.¹
Explain how property disposed of by a sole-proprietorship may be treated for tax purposes.

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
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 judgement through careful study
Interpret

To give the meaning of / to construe or understand / to translate orally

previous / Taxation of a Partnership