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 four broad categories of investor personality types (BB&K)?






2. What are investment objectives and constraints?






3. Why do individuals often take steps to avoid probate?






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






5. An investor's willingness to take risk is determined by what?






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






7. What are the main characteristics of the foundation phase of life?






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






9. What is intestate?






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






11. What are the two sources of wealth?






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






13. What is the most common estate planning tool?






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






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






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






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






18. What are the two sources of wealth?






19. What are the diffferent types of tax jurisdictions?






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






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






22. Any amount above core capital is considered what?






23. What are the psychological issues of low basis stock held by an entrepreneur?






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






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






26. Describe biased expectations in a behavioral finance context.






27. Describe a methodical investor personality type.






28. Define capital gains taxes.






29. characteristics of maintenance phase






30. situational profiling






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






32. Describe biased expectations in a behavioral finance context.






33. What are the different stages of life?






34. Describe the different types of double taxation conflicts.






35. What are the main characteristics of chritable gifts?






36. What is another name for a variable prepaid forward and What is its main purpose?






37. sources of wealth






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






39. characteristics of distribution phase






40. four types of investors






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






42. What is an equity collar? What is the purpose of the underlying positions






43. As wealth increases...






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






45. situational profiling - considerations






46. What are typical characteristics of active wealth creators?






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






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






49. characteristics of maintenance phase






50. Investor questionnaires help to determine what?