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






2. Equation for total wealth.






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






4. Describe an individualistic investor personality type.






5. characteristics of spontaneous investor

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6. What is human capital?






7. What are the diversification techniques for low basis stock?






8. What is mortality risk?






9. What are the benefits of an IPS to the client?






10. What are the problems that financial advisers can face with low basis stock?






11. situational profiling

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12. What is the most common estate planning tool?






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






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






15. What are ways that individuals can avoid probate?






16. sources of wealth






17. Human capital is sometimes referred to as what?






18. Define capital gains taxes.






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






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

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21. What is HIFO accounting?






22. What are the advantages of hedging for low basis stock?






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

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24. What are the equity holding life risk attributes for an investor?






25. Describe biased expectations in a behavioral finance context.






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






27. What are the diffferent types of tax jurisdictions?






28. The client's risk tolerance (mostly willingness) is affected by what personal characteristics?






29. What are the equity holding life risk attributes for an investor?






30. The client's risk tolerance (mostly willingness) is affected by what personal characteristics?






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






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






33. What are the disadvantages of an outright sale of low basis stock?






34. All costs associated with probate are born by whom?

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35. What are the advantages of an outright sale of low basis stock?






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






37. What are the main characteristics of the distribution phase of life?






38. sources of wealth






39. Any amount above core capital is considered what?






40. What are the different global tax regimes and their respective ordinary income tax structure?






41. What are the main characteristics of variable annuities?

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42. Describe the equity holding life three stages from the perspective of the stock.






43. What are the advantages of public exchange funds for low basis stock?






44. Why would an individual try to use generation skipping in estate planning?






45. Why would an individual try to use generation skipping in estate planning?






46. What are the different types of trusts?






47. Describe biased expectations in a behavioral finance context.






48. Any amount above core capital is considered what?






49. Describe the different types of double taxation conflicts.






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

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