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






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






3. What are wealth taxes.






4. How does the nature of human capital affect the demand for life insurance?






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






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






7. What are the different types of trusts?






8. What is mortality risk?






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

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

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






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

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






14. What are typical characteristics of active wealth creators?






15. An investor's ability to take risk depends on what?

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16. What are the main types of investors?






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






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






19. What are ways that individuals can avoid probate?






20. What are the two sources of wealth?






21. benefits of IPS to client






22. What are the different stages of life?






23. Equation for total wealth.






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






25. As wealth increases...






26. What are the different stages of life?






27. What are the equity holding life risk attributes for an entrepreneur?






28. What is HIFO accounting?






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






30. What are the main characteristics of fixed annuities?

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






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






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






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






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






36. How is mortality risk typically hedged?






37. characteristics of cautious investor

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






39. As probability of death increases...






40. characteristics of spontaneous investor

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






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






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






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






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

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46. Describe the different types of double taxation conflicts.






47. What progressive tax regimes do not have favorable treatment for interest income/dividend income/capital gains?






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






49. characteristics of maintenance phase






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







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