Test your basic knowledge |

Private Wealth Management

Instructions:
  • Answer 50 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers to obvious but it re-enforces your understanding as you take the test each time.
1. What are the two sources of wealth?






2. Describe asset segregation in a behavioral finance context.






3. benefits of IPS to client






4. situational profiling






5. What are the main characteristics of the maintenance phase of life?






6. What are the psychological issues of low basis stock held by an executive?






7. What is intestate?






8. When dealing with low basis stock - emotional issues can arise from what?






9. What are wealth taxes.






10. Generally - how does portfolio size - liquidity - time horizon - and/or importance of spending affect ability to tolerate risk?






11. What is mortality risk?






12. characteristics of cautious investor






13. What are the four broad categories of investor personality types (BB&K)?






14. What is typically considered when imposing an exit tax?






15. What are the disadvantages of completion portfolios for low basis stock?






16. What are the main characteristics of the maintenance phase of life?






17. situational profiling - considerations






18. What are the 3 categories of investors when discussing concentrated positions?






19. Living expenses in retirment can be referred to as what?






20. What are typical characteristics of passive recipients of wealth?






21. As desire to leave an estate increases...






22. What is the difference b/t a required and desired return objective?






23. What are investment objectives and constraints?






24. Equation for total wealth.






25. Who is responsible for gains/losses in a taxable (accrual taxation) account?






26. Describe a methodical investor personality type.






27. What happens to both tax drag $ and tax drag % with holding period changes and return changes?






28. characteristics of individualist investor






29. What are the disadvantages of public exchange funds for low basis stock?






30. What progressive tax regimes do not have favorable treatment for interest income/dividend income/capital gains?






31. What are the steps involved in creating an IPS?






32. Describe an individualistic investor personality type.






33. characteristics of accumulation phase






34. characteristics of spontaneous investor






35. What are the steps involved in creating an IPS?






36. What are the two sources of wealth?






37. Who is responsible for gains/losses in a taxable (accrual taxation) account?






38. psychological profiling






39. characteristics of foundation stage






40. stages of life






41. What are the psychological issues of low basis stock held by an investor?






42. Calculating the required return component is driven by what 2 elements?






43. characteristics of methodical investor






44. sources of wealth






45. Describe a cautious investor personality type.






46. When should you use a tax-exempt versus a tax-deferred account?






47. Describe the different types of double taxation conflicts.






48. situational profiling - considerations






49. What is human capital?






50. What are the diffferent types of tax jurisdictions?