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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. As probability of death increases...






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






3. What are the equity holding life risk attributes for an executive?






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






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






6. sources of wealth






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






8. What are typical characteristics of active wealth creators?






9. 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?






10. Investor questionnaires help to determine what?






11. situational profiling - considerations






12. Describe a spontaneous investor personality type.






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






14. What are ways that individuals can avoid probate?






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






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






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






18. What is human capital?






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






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






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






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






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






24. benefits of IPS to client






25. What are the main characteristics of the accumulation phase of life?






26. Describe an individualistic investor personality type.






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






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

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29. Describe asset segregation in a behavioral finance context.






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






31. typical IPS elements






32. What are the main characteristics of fixed annuities?

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






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






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






36. sources of wealth






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






38. What are the general legal and regulatory considerations for individuals?






39. Describe a methodical investor personality type.






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






41. Describe biased expectations in a behavioral finance context.






42. Describe a spontaneous investor personality type.






43. Why would someone want to use a valuation discount?






44. Human capital is sometimes referred to as what?






45. characteristics of accumulation phase






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






47. What are the main types of investors?






48. What are the different stages of life?






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






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