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 is core capital?






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






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

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






5. What are the main types of investors?






6. What are wealth taxes.






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 should an investor use in mean-variance optimization






10. situational profiling

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






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






13. characteristics of individualist investor






14. What are the two sources of wealth?






15. What are the different methods of relief from double taxation?






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






17. Equation for total wealth.






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






19. What is the general relationship b/t a client's perception of wealth and risk willingness?






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






21. What is core capital?






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






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






24. 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?






25. stages of life






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






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






28. What are the different retirment risks and how can they be hedged?






29. situational profiling - considerations






30. Describe a methodical investor personality type.






31. situational profiling - considerations






32. What is tax alpha?






33. sources of wealth






34. characteristics of cautious investor

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

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

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37. What are ways that individuals can avoid probate?






38. Define capital gains taxes.






39. Describe an individualistic investor personality type.






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






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






42. Describe a methodical investor personality type.






43. What are the main characteristics of variable annuities?

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44. What is measure of wealth?






45. Describe asset segregation in a behavioral finance context.






46. four types of investors






47. Investor questionnaires help to determine what?






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

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49. psychological profiling






50. typical IPS elements