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






2. Describe a cautious investor personality type.






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






4. What is the general relationship between tax drag% and tax rate when capital gains taxes are deferred and B=1; and as investment horizon increases and return increases?






5. What is the difference between a deterministic approach and a monte carlo approach to portfolio construction?






6. What is human capital?






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






8. Describe asset segregation in a behavioral finance context.






9. What are the two sources of wealth?






10. What is the most common estate planning tool?






11. What are the advantages of the monte carlo approach to portfolio construction?






12. What are the disadvantages of hedging for low basis stock?






13. What are the diffferent types of tax jurisdictions?






14. What are wealth taxes.






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






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






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






18. characteristics of cautious investor

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19. What are the main characteristics of variable annuities?

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






21. benefits of IPS to manager






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






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






24. template for return objective






25. characteristics of maintenance phase






26. characteristics of maintenance phase






27. Any amount above core capital is considered what?






28. characteristics of accumulation phase






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






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






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






32. characteristics of accumulation phase






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






34. What is the reinvestment caveat when considering tax loss harvesting?






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






36. characteristics of methodical investor






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






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

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39. What is measure of wealth?






40. What are the disadvantages of private exchange funds for low basis stock?






41. Describe the different types of double taxation conflicts.






42. What are the main characteristics of fixed annuities?

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43. characteristics of foundation stage






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






45. What are the different stages of life?






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






47. characteristics of distribution phase






48. benefits of IPS to client






49. Describe a spontaneous investor personality type.






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