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






2. characteristics of cautious investor

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






4. situational profiling

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5. 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?






6. characteristics of maintenance phase






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

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8. characteristics of methodical investor






9. characteristics of cautious investor

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10. What are the main characteristics of fixed annuities?

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11. What are ways that individuals can avoid probate?






12. benefits of IPS to client






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






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

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15. In contrast to standard finance (MPT) - behavioral finance assumes individuals do what?






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






17. Describe biased expectations in a behavioral finance context.






18. What is loss aversion?






19. What are the main types of investors?






20. What is intestate?






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






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






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

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24. What are wealth taxes.






25. What are the different types of trusts?






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






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






28. What are the advantages of hedging for low basis stock?






29. What are the diffferent types of tax jurisdictions?






30. As wealth increases...






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






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






33. Equation for total wealth.






34. As probability of death increases...






35. characteristics of methodical investor






36. characteristics of distribution phase






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






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






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






40. What is the most common estate planning tool?






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






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






43. benefits of IPS to manager






44. What is tax alpha?






45. What are the main characteristics of variable annuities?

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






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






48. Human capital is sometimes referred to as what?






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






50. How is mortality risk typically hedged?