Financial Services Cloud Exam Practice Questions Online

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Salesforce Financial Services Cloud (FSC) Accredited Professional (AP) exam Financial Services Cloud practice questions are online. Financial Services Cloud exam basic information is helpful for you to study. There are 35 multiple-choice/multiple-select questions in the real Financial Services Cloud exam, and you have 53 minutes to finish. The required passing score is 65% (23 out of 35 questions). The registration fee is $150. Free Salesforce Financial Services Cloud exam practice questions are below.

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1. What steps does the Salesforce Administrator have to take to create a new Business Milestone Type?

In the Object Manager go to the Business Milestone object and create a new field using the name of the new milestone.

Find Person Life Event using the Object Manager and add a new picklist value on the Milestone Type Field.

Find Business Milestone using the Object Manager and add a new picklist value on the Milestone Type Field

In the Lightning Page Editor add the new Milestone Type to the Life Events & Business Milestones Lightning component

2. Where should a Salesforce Administrator go to add custom icons to the Life Events and Business Milestones?

Lightning Page Layout > Life Events and Business Milestones Lightning Component > Page Icon Properties

Setup > Custom Code > Static Resources

Setup > User Interface > icons > Life Events and Business Milestones

Setup > Financial Services > Icons > Life Events and Business Milestones

3. What actions can a Wealth Advisor take from the Life Events card7

Create Case

Create Lead & Referral

Open an Account

Request Record Approval

Create Opportunity

4. Planter Farm Credit Union provides loan and insurance products to farmers who operate individually as well as in collaboration with other neighboring farms & farmers. The collaboration can be seasonal or for a limited timeframe.

What construct in Financial Services Cloud is most appropriate to represent such collaborative customer business operations?

Contact-Contact Relationship

Custom Relationship Group

Account with Record Type = Business

Standard Household

5. What should a Financial Advisor use to model the relationship between a business contact and a client that is modeled as a person account?

Account-Account Relationship

Contact-Contact Relationship and the Reciprocal Rote

Reciprocal Role

Account-Contact Relationship and the Reciprocal Role

6. Which three of these statements are true for Rollup By Lookup (RBL) in Financial Services Cloud?

An RBL (Rollup By Lookup) rule displays summary calculations of financial account information, such as account balances.

Person Accounts need to be enabled in order to use the Rollup by Lookup functionality.

The Rollup By Lookup (RBL) configuration updates the corresponding RBL summaries at the diem and group levels

Salesforce does not recommend or provide support for creation or customization of Financial Services Cloud RBL rules

RBL rules do not require a lot of processing power.

7. Which of the following objects do support Group-Level Rollups?

Tasks

Alerts

Financial Accounts

Action Plans

Opportunities

8. Which 3 options does the Financial Services Cloud application offer to view and update Account-Account. Account-Contact, and Contact-Contact Relationships?

Actionable Relationship Center

Family Members Component

Relationship Map

Group Members Component

Life Events Component

9. Which two statements are true about Group Membership in Financial Services Cloud?

Group Membership defines the role of the member within the Group.

With Group Membership settings you can define if a Group is the member's primary Group.

With Group Membership settings you can define who is the primary and who is the secondary member within the Group.

Group Membership is modeled using the Account-Group Relationship object.

10. Lake Tahoe Bank has duplicate client records in their current CRM system because they come from a different systems of record. Any changes made in Salesforce should be updated in the source system.

What can a Salesforce Administrator do to help bankers get a consolidated view of the individual in the Financial Services Cloud?

Leverage Financial Services Cloud Relationship Groups to link duplicate client records and create a consolidated view.

Implement deduplication rules in Salesforce and let the integration handle the updates to the source system.

Create a custom Person Account hierarchy to link duplicate client records.

Create custom components to provide a single view of the client.

Link individuals using related contacts to link duplicate client records

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11. Lake Tahoe Bank's financial advisors are complaining that they can't see an accurate summary of their clients financial data as clients often change households.

How can an Admin set up Financial Services Cloud to provide financial advisors with an accurate summary of their client's financial data?

Create a roll-up field on the Opportunity object to track client's Financial Account balance and display the summary amount on the Person Account object.

Set clients financial data to be rolled up using Financial Services Cloud Primary Group.

Create a custom obiect to track client's financial data

Use Process Builder to create a workflow to summarize data at the Person Account level.

12. Lake Tahoe Bank allows more than two owners on Financial Accounts. The Salesforce Admin wants to make sure that balances are rolled up to all joint owner's primary Households.

Which 2 options does the Salesforce Admin have to accomplish this?

Enable all RBL (Rollup By Lookup) rules to ensure the balances are rolled up to the household level.

Enable the 'Enable Rollup Summary' in custom settings

Create custom RBL (Rollup By Lookup) rules to rollup the joint owner balances.

Disable RBL (Rollup By Lookup) rules that rollup balances using joint owner on Financial Account.

Enable RBL (Rollup By Lookup) rules that rollup balances using Financial Account Role for joint owners.

13. To access Financial Services Cloud Lightning Components "My Domain" must be enabled.

How does the System Admin accomplish this?

Open a case with Salesforce Support

Enable Communities

Go to Custom Settings and edit the Industries Settings

14. Lake Tahoe Bank has branch offices in many countries around the world and they are planning to roll out Financial Services Cloud.

Which of the 2 considerations does the Salesforce Admin have to keep in mind when it comes to dealing with multiple currencies?

For each user, the user currency must correspond to the default currency for the user's locale

The Salesforce Admin can enable or disable multiple currencies if needed

When filtering by currency values in reports or list views, users must specify a currency ISO code, such as USO or GB

before the value.

When multicurrency is enabled in FS

advanced currency management is also available

15. Lake Tahoe Bank has been using Sales Cloud to support the business to consumer (B2C) activities. The VP of IT wants a better and more flexible data model that can support his B2C Banking use cases. He is considering upgrading to Financial Services Cloud, using Person Accounts.

Which 2 of these statements are true for the Financial Services Cloud Person Account Data Model?

Person Accounts can be merged with Business Accounts in Financial Services Cloud

To share a Person Account record the admin will need to create sharing rules Account and Contact objects

The Person Account record type can be used when a client is an agent for a broker firm that is doing business with the Financial Institution.

The Person Account is a virtual object displaying data from Accounts and Contacts objects. It represents all aspects of the person and includes D data such date of birth or tax ID number.

The Person Account model uses the standard Account object to hold all of the details about a person The Account object has been extended " with custom fields and a Person Account Record Type

16. The Salesforce Admin at Lake Tahoe Bank considering implementing Financial Services Cloud.

What is the best way for the Admin to access a Financial Services pre-configured org, including data and the right licenses, to learn about the product?

Request a 30-day Financial Services Cloud trial org

Request a Salesforce developer org.

Purchase one license of Financial Services Cloud and install it in a production org.

Spin up a Salesforce sandbox org.

17. Lake Tahoe Bank, an existing Salesforce customer, is planning to implement Financial Services Cloud. Their Salesforce Admin is considering whether to use a new Salesforce org or upgrade the existing org.

Which three of the considerations below indicate that a new Salesforce org is the better choice?

The bank wants to use this project as an opportunity to retire customization

The current implementation is using a product-centric view and the bank wants to move to a customer-centric view.

Data migration is a big concern The current org has a large amount of data and the Bank wants to minimize data migration efforts.

The bank has limited redesign opportunities for business capabilities.

Existing business capabilities and processes can be redesigned to deliver a higher business impact

18. Lake Tahoe Bank is migrating customer records from the Individual Model to Person Accounts.

Which three steps should a Data Architect take to ensure a successful migration?

Ensure Person Accounts is enabled on the org

Configure your Person Account record types m the Indrvidual Record Type Mapper.

Enable 'Individual to Person Account Migration' in Custom Settings.

Use a CSV field to map PersonRecordTypeld to the Person Account RecoroTypeld and use Data Loader to update Client Records

Log a case with Salesforce to perform the conversion from the indrvkJual Model to Person Accounts.

19. Which two limitations should a Salesforce Administrator consider before enabling Person Accounts?

Person Accounts can be enabled and disabled only by contacting Salesforce Support

Person Accounts cannot be disabled once they were enabled

Creating a client record via Salesforce Inbox is not supported.

AppExchange packages will not work if Person Accounts are enabled

20. The Salesforce Admin wants to make it easier for call center agents to complete some common tasks by setting up flows and launch them from the Retail Banking Console.

What does the Admin have to keep in mind when setting up Flows?

Flows can be used to provide step-by-step guidance for address changes, without the need for then agent to navigate to different screens.

To open. edit, or create a Flow in Flow Builder, the user needs the Run Flows permission.

To use Financial Services Cloud Flows, you'll need the Financial Services Managed Package installed m the org and the Financial Services Cloud a permission set assigned to the user.

To use a Flow, a user must have access to the underlying object and its field

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21. What benefits do Flows for Financial Services Cloud offer to support customer onboarding? (Choose Two)

Flows enable customers to schedule appointments via customer communities, mobile apps. or websites.

Flows provide step-by-step guidance for common service requests, such as change of address, or change of beneficiary, without the need to * navigate to different screens.

Flows systematically capture and visualize important customer Life Events to drive more personalized and need-based engagements.

Flows enable customers to book appointments with the nght specialist at the right time and place through self-service scheduling

Flows enable customers to schedule appointments via customer communities, motxie apps. or websites.

22. How can the Salesforce Admin change the configuration to summarize Financial Goals at the household level?

Add a custom Rollup By Lookup (RBL) rule.

Financial Goals can not be summarized at the household level.

Create a formula field and add it to the Account page layout

Update the selection in "Activities & Objects to Roll Up' to indude Financial Goals

23. A client has called their Financial Advisor to open an Education Savings Account for their first child.

What 2 steps should the Financial Advisor take in the Financial Services Cloud App to capture that information?

Create a Life Event for the birth of the child and a Referral for the Education Savings Account

Create a case and include the target Savings amount for the Education Savings Account and relate the case to the child's Person Account.

Create a Referral for the Banker for an Education Savings Account

Create a Life Event for the birth of the child and a Financial Goal for the Education Savings Account

Create two Life Events, one for the birth of the child and one for the Education Savings Account.

24. Which three referral metrics are tracked with custom components included in Financial Services Cloud?

Web to Lead Referrals

Expressed interests

My Top Referrers

My Approved Referrals

Referrals Assigned to me

25. What does the Salesforce Admin have to install to provide users access to referral dashboards and reports?

The managed extension package for intelligent Need-Based Referrals and Scoring

Einstein Analytics for Financial Services

The unmanaged extension package for Intelligent Need-Based Referrals and Scoring

Salesforce CRM Dashboards

26. What feature does a Salesforce Administrator need to enable so users can see all the referrals for the members of a group?

Referral Scoring

Referrals Rollups

Group Member Referrals

Referral Group Process Builder

27. What capability included in the Financial Services Cloud license can assist bankers in focusing on the most promising referrals?

Referral Approval Processes

Intelligent Need-Based Referrals and Scoring

Einstein Referral Scoring for Financial Services Cloud

Referral Routing Rules

28. Lake Tahoe Bank branch manager is asking the Salesforce Administrator for improvements in Salesforce to speed up Loan Approval Processing. The Salesforce Admin is considering using Action Plans.

Which 3 process improvements can be delivered using Action Plans?

Action Plans create repeatable tasks and automate the task sequences when executed

When you create an action plan from a template for a specific target record, items that have no assigned user are assigned to the owner of that " target record.

Action Plans can automatically schedule the next appointment with the Advisor.

Action Plans enhance collaboration and productivity by automatically assigning task owners and deadlines for specific client processes.

Action Plans can speed up the collection of a list of documents needed for the loan application

29. Lake Tahoe Bank needs to conduct periodic reviews with their customers to review credit & debit card usage, review account payables and discuss credit needs. The bank wants to ensure such activities are tracked and exceptions are reported & followed up on in a timely manner.

How can Financial Services Cloud support these requirements?

Run a nightly process to create tasks and assign them to account owners for follow-ups

Train account owners to create required tasks periodically and set due dates for tracking.

Use Lightning Scheduler to periodically schedule tasks for account owners.

Create an Action Plan Template with associated pre-determined Tasks and automate the periodical creation of Action Plans for customer accounts.

30. A commercial loan due diligence process is handled by multiple individuals at Lake Tahoe Bank. Lake Tahoe Bank wants an easy way for managers to distribute the work, to understand the % completion of the due diligence process per client and report on the performance of the department to show possible bottlenecks.

What FSC feature can Lake Tahoe Bank use to track this process?

Workflow Rules/Process Builder

Action Plans

Apex Tnggers on the task object

Flows

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31. Jen, the Financial Advisor at Lake Tahoe Wealth Management Company wants to modify a published Action Plan to support an additional task she needs in order to complete an annual review for a client.

How should Jen do this?

Use the 'task creator' tool to create a new task and associate with the existing Action Plan

Contact her Salesforce Administrator and get her to make the change to the Action Plan for her.

Use the Action Plan item feature to add an additional task to a published Action Plan.

Create an independent Task not related to original Action Plan

32. Which three things must an admin keep in mind when creating Action Plan Templates?

When creating Action Plan Templates with the Ul. you can designate a plan owner different from the plan creator.

When you create an Action Plan from a template for a specific target record, the plan creator can choose whether the date calculation is based on calendar or working days.

An Action Plan is a run-time instance of the template that allows you to automate the sequence of the tasks you defined in the template.

When you create an Action Plan from a template for a specific target record, item deadlines are calculated using the start date and date offset " defined in the Action Plan Template

The Action Plan Template permission set must be added to all users that want to use Action Plans.

33. A System Administrator has received a note from one of the portfolio managers that the Actionable Relationship Center (ARC) is not visible when the portfolio manager was trying to set up relationships between two accounts. The portfolio manager has also mentioned that other colleagues in the same role have access to it and are able to use it to manage their customer's relationships.

What is a possible cause for this?

The portfolio manager has not been given the permissions that enable users to view and manage ARC

The portfolio manager does not have access to the Lightning page that has the ARC component added

The portfolio manager does not have access to the account records that he is trying to create for.

The ARC Component has not been added to the page layout

34. Which three types of Account-Account relationships are displayed in the Actionable Relationship Center?

Accounts & Businesses

Accounts & Members

Accounts & Peers

Accounts & Groups

35. Scott Adams is opening a joint savings account with his mom, Rachel Adams. Rachel Adams is the primary member of the Adams Household. Personal Banker Hank Burton wants to make sure that Scott's data is rolling up to the Adams Household.

How can the Banker accomplish this?

Make the Adams Household Scott's primary Group and edit tie Activities & Objects to ft* Up.

Add Scon as a Related Contact to the Adams Household.

Make the Adams Household Scotts pnmary Group and make Scott the pnmary member

Disable the Primary Group setting fof Scon on the Adams Household

36. Lake Tahoe Bank would like to capture their commercial customers in FSC. A commercial customer can be owned by multiple groups.

How can Lake Tahoe Bank SF Admin configure FSC to capture and display commercial customer and its parent company? (3 correct answers)

Add the Business record type to the Group record type mapper

Capture the majority owner as parent account using Account hierarchy

Leverage Groups to capture the majority owner and Account hierarchy to capture minority owner

Enable Relationship Group Hierarchy in Custom Metadata

Link multiple owners to the business entity as a Group

37. For which three objects are Rollup By Lookup (RBL) summaries are available?

Life Events

Financial Accounts

Assets and Liabilities

Contacts

Claims

38. The Salesforce Admin of Lake Tahoe Wealth Management Company needs to update an

existing, published Action Plan Template to accommodate a change in the firm’s annual client review process.

What steps should the Admin take to make that change?

Edit the published Action Plan Template directly.

Set the Action Plan Template to “Inactive” and then make changes to the template, as necessary.

Clone the existing Action Plan Template and make any necessary changes on the new Action Plan Template.

39. A Salesforce Admin is configuring a new Action Plan Template. One task in that template needs to be picked up by the next available Advisor.

What assignment logic should the Admin use when configuring this template task?

Action Plan Creator

Specific User

Account Team

Role

Queues

40. Our Personal Banker Hank Burton is learning to use Action Plans to ensure compliance in the client onboarding process. Where can Hank see Action Plan Tasks? (2 options)

Hank will be able to see the Action Plan tasks on the related list of the Account page layout.

Hank will be able to see the Action Plan Tasks assigned to him on the standard Salesforce task list.

Once the Action Plan is assigned, Hank can see the related Tasks on the Timeline.

Hank will be able to see the Action Plan Tasks assigned to him on his calendar.

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41. Scott Adams calls his Personal Banker Hank Burton to apply for a loan to buy a boat. Hanks wants to refer Scott to the loan department, but the current process is manual and time-consuming. Hank is asking the bank's System Administrator to automate Referral creation in Salesforce.

How can the Admin speed up and simplify Referral creation?

Write a trigger to create Referrals from a 'Create Referral* button.

Use the Case process and create Cases with Case Type 'Referrar'.

Use Global Action To create Referrals.

Use

42. Lake Tahoe Bank's System Administrator is implementing intelligent Need-Based Referrals in Salesforce. Referrals are modeled on the Lead object.

Which three Lead features can the System Admin use for Intelligent Need-Based Referrals?

Lead Routing

Web to-Lead

Lead Assignment Rules

Lead Approval

Einstein Lead Scoring

43. Users at Lake Bank have been creating multiple events for once in a lifetime event such as birth.

What should an Administrator do to prevent users from accidentally creating more than one event of such an event type?

Create an Apex trigger that will prevent the saving of multiple one-time events

Select the Unique checkbox on the picklist value for the Event Type field on the Person Life Event object

Remove user’s ability to create one-time events

Create a validation rule that will stop the user if they attempt to add multiple one-time events.

44. Lake Tahoe Bank would like to reslricl their Financial Services Cloud users from viewing certain types of milestones that might be irrelevant to their customers or might cause negative sentiment.

How can the Salesforce Admin implement such a requirement?

The Salesforce Admin can manage sensitive Life Evenls using sharing rules.

The Salesforce Admin can hide the life Event or Business Milestone type, by removing it from the Event Type picklist.

The Salesforce Admin can hide sensitive Life Events on Ihe Life Events component on the Lightning Page using the Properties pane.

The Salesforce Admin can manage sensitive Life Events using Permission Sets.

45. How can the Salesforce Admin help agents who deal with a large number of customers on a daily basis, quickly scan the Life Events component and find the information they need without much effort?

The Admin can customize the order of life events to be set in chronological order.

The user can change the color of important life events to red.

The Admin can change the color of important life events to red.

The user can customize the order of life events to be set in chronological order

46. The Salesforce Admin of Lake Tahoe Bank wants to implement Financial Services Cloud using the individual object model.

What are the steps to disable person accounts? (Choose Three)

Log a case with Salesforce to perform the conversion from Person Accounts to the individual model.

Assign the Person Account record type to the user profiles.

Disable the Person Account custom setting.

Remove Person Account record types from the Individual Record Type Mapper.

Assign the Individual record type to the user profiles.

47. Lake Tahoe Bank is implementing Financial Services Cloud. The bank's new business processes require that Financial Advisors can add individuals to more than one Group or Household using Multiple Relationship Groups.

Where do Admins enable Multiple Relationship Groups?

Object Settings

Custom Settings

Lightning Page Editor

Profiles

48. The Salesforce Administrator at Lake Tahoe Bank is asked at make modifications to the Salesforce org to allow for more than one people being joint owners on a Financial Account.

What will be the recommended approach to model this requirement?

Map the primary owner and one joint owner to the Financial Account, because FSC, supports only two joint account owners.

Map additional owners using the Financial Account Role.

Map additional owners using the Actionable Relationship Center.

Create lookup fields on the Financial Account object to support additional owners

49. Lake Tahoe Bank is rolling out Financial Services Cloud and the VP of IT is concerned about the cost of the licenses. The System Admin recommends using restricted licenses for users that need only limited access to Financial Service Cloud features.

Which Financial Services Cloud permission set license enables user access to a license with contractual restrictions for Financial Services Cloud and can be used to grant restricted access to users like Bank Tellers?

Financial Services Cloud Standard

Client Segmentation

Financial Service Cloud Basic

Financial Service Cloud Extension

50. Lake Tahoe Bank is evaluating Financial Services Cloud to help them deliver a customer-centric view. They currently have a heavily customized Salesforce implementation with a product-centric design. Lake Tahoe Bank wants to make sure planned changes have a minimal impact on users during implementation.

What is the recommended approach for implementing Financial Services Cloud at Lake Tahoe Bank?

Implement Financial Service Cloud in a new org (Green Field) and redesign business capabilities in Ihe new org.

Implement Financial Service Cloud in a Trial org and convert the Trial org to production org.

Implement Financial Service Cloud in the existing org (Brow Field).

Implement Financial Service Cloud in the existing org's Sandbox and then deploy to production org to mitigate the end-user impact

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51. Lake Tahoe Bank wants to onboard a client digitally and without asking the client for information that the bank already has on file. The process has multiple steps and can have branching (conditional) logic that asks for different information depending on the responses.

Which Salesforce feature should be used for this digital onboarding process?

Aclion Plans

Financial Goals

Actionable Relationship Center

Flows

52. Which three of the following statements are correct about the Actionable Relationship Center Manager (ARC)?

To enable users to see the ARC, you will need to add the component for ARC to the page layout.

ARC displays up to 5 related lists that have a configured compact layout.

ARC is certified to work with Person Accounts and Individual Accounts.

The Salesforce Admin has to create a permission set for granting access to the ARC C FSC Lightning component.

The Association Type picklist controls the account-account relationship that display in the AR

53. Personal Banker Hank Burton is questioning his Referral Score shown in Salesforce Financial Services Cloud.

When is the Referral Score updated?

The Referral Score updated when a referral is convened to an Opportunity or closed.

The Referral Score updated when a lead is created using the referral record type.

The Referral Score updated when a referral is assigned from the queue to a user.

The Referral Score updated when an opportunity associated with the Referral is Closed Won

54. Which 3 out of the box capabilities come with Financial Services Cloud Lead & Referral Management?

Referral Conversion

Assigning a Referral

Round Robin Referral Routing

Accepting a Referral

Referral Automated Approvals

55. If a client is associated with more than one Household or Group, where will this clients records get rolled up to?

to the household with the client's primary address

to all the parent households and groups

to the household selected by the advisor for record rollups.

to the Household where the client is the primary member

56. The Salesforce Administrator for Lake Tahoe Bank is receiving a report that a members Financial Account Balances are not adding up to the Financial Summary field in the related Household.

Which two steps should the admin take to troubleshoot the issue?

Ensure the Primary Group flag in the Account record is checked.

Ensure RollUpByLookup Configuration is Active

Ensure a RollUpByLookup batch job is scheduled to run every 15 mins.

Ensure that the member is the Primary Member in that Household

Ensure the reported Household is the Primary Group for the member

Financial Services Cloud Exam Practice Questions Online

Financial Services Cloud Exam Practice Questions Online

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