Salesforce Financial-Services-Cloud Exam Practice Test Instant Access

Question 1

An administrator is logged into Data Loader with their own credentials to insert new Business Account records into their Salesforce environment. They forget to specify the Account Owner field in the import file.

Assuming there are no other issues, what should happen when the administrator uploads the import file?

AThe import will succeed, and the Account Owner field will be left blank.

BThe import will succeed, and the administrator will be prompted to select a user.

CThe import will fail, since all records in Salesforce must have an owner.

DThe import will succeed, and the administrator will be named as the default Account Owner.

Answer : D

When using Data Loader to insert new records into Salesforce, if the Account Owner field is not specified in the import file, the default owner will be the user who is logged into Data Loader. In this case, since the administrator is logged into Data Loader with their own credentials, they will be assigned as the owner of all the new Business Account records. This behavior is consistent with the standard Salesforce rule that every record must have an owner.

About Data Loader

Mass update Account ownership with Data Loader

Question 2

What is a key step in identifying different business processes and outlining encompassing system flows based on the existing environment when setting up Salesforce Financial Services Cloud (FSC)?

ACreating a new Salesforce instance from scratch for the customer

BImporting the customer's existing data into Salesforce FSC without any modifications

CImplementing a generic, one-size-fits-all solution for all customers

DConducting a gap analysis between the customer's current processes and Salesforce FSC capabilities

Answer : D

A gap analysis is a key step in identifying different business processes and outlining encompassing system flows based on the existing environment when setting up Salesforce Financial Services Cloud (FSC). A gap analysis is a method of comparing the current state of a system or process with the desired future state and identifying the gaps or differences between them. By conducting a gap analysis, a consultant can understand the customer's pain points, requirements, and expectations and design a solution that leverages the best practices and features of Salesforce FSC.

Gap Analysis

Salesforce Financial Services Cloud Implementation Guide

Question 3

Financial Services Cloud (FSC) contains a number of custom objects to model a client's financial information, and each object can be configured to appear as tabs in your org. For example, if a consultant wanted to create a financial goal for a customer, they could use the Financial Goal object in FSC.

What are three objects in FSC?

ABilling

BFinancial Holding

CFinancial Goal

DInheritance

ERevenue

Answer : B, C, E

Financial Services Cloud contains a number of custom objects to model a client's financial information, and each object can be configured to appear as tabs in your org. Some of the custom objects are:

Financial Goal: An object that represents a client's financial objective, such as saving for retirement, buying a house, or paying off debt. A financial goal has fields to store information, such as name, amount, target date, priority, and status.

Financial Holding: An object that represents a holding in an investment account, such as a security, a mutual fund, or a bond. A financial holding has fields to store information, such as symbol, shares, price, gain/loss, and market value.

Revenue: An object that represents revenue generated from a client's financial accounts, such as an increase in stock value, a dividend payment, or an interest income. A revenue has fields to store information, such as type, amount, date, and source.

Financial Services Cloud Associated Objects

Learn About the Financial Services Cloud Data Model

Question 4

A consultant is looking to create a guided screen to be used by customer service agents answering the phone to authenticate the caller and positively identify them. The agent will ask the caller to provide their full name and the last four digits of their social security number, which is not stored in Salesforce. The agent will enter the provided information into a form, and upon clicking submit, a web service call is made to an external authentication service to authenticate the caller.

What should the consultant do to fulfill the needed requirements?

ACreate a screen flow.

BCreate a Lightning web component.

CCreate a Canvas application for the Authentication module.

DCreate an OmniScript flow.

Answer : A

A screen flow is a type of flow that guides users through a series of screens to complete a task or collect information2.Screen flows can also interact with external systems using Apex actions or invocable actions3. In this case, the consultant can create a screen flow that collects the caller's name and social security number from the agent, and then invokes an Apex action or an invocable action that makes a web service call to an external authentication service.

Question 5

An insurance company needs to ensure the record rollups aggregate information from related records for several objects in the Financial Services Cloud at a client or group level.

What should the administrator configure to meet the requirement?

ATo show all Primary Group member cases on a related list at the group level, the administrator should add Cases as a picklist value to the Rollup__c field on Account Contact Relationship.

BClient-level records are aggregated by setting up client-level rollups to all primary group members.

CWhen the administrator enables record rollups at the group level, all corresponding records are stamped with the Primary Group in the Rallup_c lookup field

DTo show all Primary Group member opportunities on a related list at the group level, the administrator should add Opportunities as a picklist value to the Household__c field on Account Contact Relationship.

Answer : C

According to the Salesforce documentation1, record rollups at the group level allow you to aggregate information from related records for several objects in Financial Services Cloud. When you enable record rollups at the group level, all corresponding records are stamped with the Primary Group in the Rollup__c lookup field. This field is added to the Account, Contact, Account Contact Relationship, and Financial Account objects. You can then use this field to create reports and dashboards that show aggregated data for each group.

Question 6

Which three related lists are visible within the Actionable Relationship Center associated with the Account object?

AHousehold Financial Accounts

BCases

CClient Financial Goals

DFinancial Holdings

ENotes and Attachments

Answer : A, B, C

The Actionable Relationship Center (ARC) is a feature of FSC that allows users to view their customers' relationships in an easy-to-navigate graph. ARC helps users understand relationships between people, groups, accounts, contacts, opportunities, deals, and other records. ARC also allows users to view and manage related lists for each node in the graph. Related lists are collections of records that are related to another record by a lookup or master-detail relationship.

The related lists that are visible within ARC depend on the node type and configuration. For example, for an Account node with Household record type, some of the related lists that are visible are:

Household Financial Accounts: This related list shows all the financial accounts that are related to the household members by either ownership or beneficiary relationships.

Cases: This related list shows all the cases that are related to the household account or its members.

Client Financial Goals: This related list shows all the financial goals that are related to the household account or its members.

Other related lists that can be visible for different node types include:

Contacts

Opportunities

Financial Deals

Interaction Summaries

Action Plans

Notes

Attachments

Question 7

During the delivery stage of a Financial Services Cloud (FSC) implementation, a consultant needs to think about how to utilize FSC-related objects. Which three things should the consultant consider when adopting such objects?

AIn a household, each household member is modeled as a Contact, and the household is modeled as an Account.

BIn a household, each of the household members is modeled as a Person Account and the household is modeled as an Account.

CRole Hierarchy-based sharing can be disabled for the Financial Deal object but can't be disabled for the Opportunity object.

DBoth the Financial Deal object and the Opportunity object support Compliant Data Sharing.

EInteraction Summary is an enhancement of the standard Activity object. FSC implementations should use Interaction Summary as a replacement for the Activity object.

Answer : A, C, D

Some considerations when adopting FSC-related objects are:

In a household, each household member is modeled as a Contact, and the household is modeled as an Account. A household is a type of relationship group that represents a group of clients who have a direct relationship with one another and shared financials, such as spouses and their dependent children. A household is modeled as an Account record with a custom record type of Household. Each household member is modeled as a Contact record that is related to the household Account. A household can also have related accounts and contacts that are not part of the household, but are associated with it for some reason.

Both the Financial Deal object and the Opportunity object support Compliant Data Sharing. Compliant Data Sharing (CDS) is a feature of FSC that allows granular control over access to sensitive data in Account and Opportunity objects. CDS can help financial services companies comply with regulations and policies that restrict data visibility based on user roles. CDS can also be enabled for the Financial Deal object, which is a custom object that represents a business opportunity or transaction with a client. The Financial Deal object can be used instead of or in addition to the Opportunity object, depending on the business needs.

Interaction Summary is an enhancement of the standard Activity object. FSC implementations should use Interaction Summary as a replacement for the Activity object. Interaction Summary is a custom object that captures the details of a client interaction, such as a meeting, a call, or an email. Interaction Summary can be linked to other FSC objects, such as Financial Accounts, Financial Goals, Financial Deals, or Relationship Groups. Interaction Summary can also have participants, which are records that represent the people or groups involved in the interaction.

Salesforce Financial Services Cloud (FSC) Accredited Professional (AP) Exam Practice Test