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 tax alpha?






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

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3. What are the different types of trusts?






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






5. What is intestate?






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






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






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






9. typical IPS elements






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






11. Human capital is sometimes referred to as what?






12. template for return objective






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






14. four types of investors






15. Describe an individualistic investor personality type.






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






17. Describe asset segregation in a behavioral finance context.






18. How is mortality risk typically hedged?






19. characteristics of foundation stage






20. Describe a methodical investor personality type.






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






22. Describe the different types of double taxation conflicts.






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






24. As age increases..






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






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






27. What is mortality risk?






28. What are the disadvantages of completion portfolios for low basis stock?






29. What are the different stages of life?






30. situational profiling

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31. What are ways that individuals can avoid probate?






32. What are the disadvantages of completion portfolios for low basis stock?






33. What is the most common estate planning tool?






34. Describe biased expectations in a behavioral finance context.






35. sources of wealth






36. characteristics of spontaneous investor

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37. What is core capital?






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






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






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






41. Describe a methodical investor personality type.






42. Define tax drag.






43. four types of investors






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






45. If human capital is equity-like/fixed-income like - how should you generally allocate financial assets?






46. benefits of IPS to manager






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






48. What are the two sources of wealth?






49. Describe a spontaneous investor personality type.






50. What are typical characteristics of active wealth creators?