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 obvious, but you will see it re-enforces your understanding as you take the test each time.
1. Describe the different types of double taxation conflicts.






2. What is the most common estate planning tool?






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






4. characteristics of methodical investor






5. What are investment objectives and constraints?






6. characteristics of individualist investor






7. In contrast to standard finance (MPT) - behavioral finance assumes individuals do what?






8. If human capital is equity-like/fixed-income like - how should you generally allocate financial assets?






9. Define tax drag.






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






11. What are the advantages of completion portfolios for low basis stock?






12. What are the advantages of completion portfolios for low basis stock?






13. situational profiling - considerations






14. What are the different stages of life?






15. What is the person called that transfers assets through a will?






16. How does the nature of human capital affect the demand for life insurance?






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






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






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






20. When calculating a required return - you typically must identify what?






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






22. characteristics of individualist investor






23. As age increases..






24. characteristics of spontaneous investor

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25. What is the general relationship between tax drag% and tax rate with accrual taxes; and as investment horizon increases and return increases?






26. What are the main types of investors?






27. What is the most common estate planning tool?






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






29. What are the advantages of private exchange funds for low basis stock?






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






31. characteristics of maintenance phase






32. What is loss aversion?






33. sources of wealth






34. How is demand for insurance affected by risk tolerance - financial wealth - probability of death - age - and bequest desire?






35. What are the main characteristics of fixed annuities?

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36. What are the main characteristics of variable annuities?

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37. What risks must be considered when discussing each concentrated investor category?






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






39. An investor's ability to take risk depends on what?

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40. characteristics of spontaneous investor

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






42. Describe asset segregation in a behavioral finance context.






43. What should an investor use in mean-variance optimization






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






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






46. What are wealth taxes.






47. What is the person called that transfers assets through a will?






48. What are the diffferent types of estate ownership rights?

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49. What is the eifference in willingness to take risk between active and passive wealth creators?






50. What are the benefits of an IPS to the adviser?