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. Describe a spontaneous investor personality type.






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

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






4. What is human capital?






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






6. characteristics of spontaneous investor

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7. What are wealth taxes.






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

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9. Investor questionnaires help to determine what?






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






11. four types of investors






12. What is the person called that transfers assets through a will?






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






14. characteristics of accumulation phase






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






16. What are the different types of trusts?






17. Describe biased expectations in a behavioral finance context.






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






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






20. What is core capital?






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






22. Human capital is sometimes referred to as what?






23. Describe asset segregation in a behavioral finance context.






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

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25. Any amount above core capital is considered what?






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






27. What are the two sources of wealth?






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






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






30. What are the diffferent types of tax jurisdictions?






31. Describe biased expectations in a behavioral finance context.






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






33. four types of investors






34. What are typical characteristics of active wealth creators?






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






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






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






38. What are the different types of trusts?






39. What are the main types of investors?






40. characteristics of cautious investor

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






42. characteristics of methodical investor






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

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44. Define tax drag.






45. Describe the different types of double taxation conflicts.






46. What is loss aversion?






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






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






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






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