Free AAFM CWM_LEVEL_2 Exam Questions

Become AAFM Certified with updated CWM_LEVEL_2 exam questions and correct answers

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Total 1265 Questions | Updated On: Jul 29, 2025

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Question 1

Section C (4 Mark)

To create a common size income statement ____________ all items on the income statement by ____________.

A : ltiply; net income

B : ltiply; total revenue

C : vide; net income

D : vide; total revenue

Answer: D

Question 2

Section C (4 Mark)

Read the senario and answer to the question.

Calculate the return on Jogen's investments in SBI Ltd shares.

A : 49.60%

B : 59.60%

C : 61.76%

D : 57.23%

Answer: B

Question 3

Non-Resident (NR) is __________on Indian Income and ___________on Foreign Income.

A : n Taxable and Taxable

B : xable and Non Taxable

C : Taxable and Taxable

D : n Taxable and Non taxable

Answer: B

Question 4

Section C (4 Mark)

Read the senario and answer to the question.

Saxena wants to know his income tax liability for FY 2007--08 without taking into consideration any interest income from NSC. Calculate the same including surcharge and Educational Cess.

A : . 1,76,130

B : . 1,23,700

C : . 1,77,344

D : . 2,32,680

Answer: A

Question 5

Section A (1 Mark)

Mr. Naresh is working in a reputed company and earning Rs. 5,00,000/- p.a. and is now 50 years old. He has invested Rs. 2,50,000/- in an annuity which will pay him after 5 years a certain amount p.a. at the end of every year for 10 years. Rate of interest is 8% p.a. Calculate how much he will receive at the end of every year after 5 years?

A : 376231

B : 53927

C : 367332

D : 54743

Answer: D

Page: 1 / 253

Total 1265 Questions | Updated On: Jul 29, 2025

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