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 methodical investor personality type.






2. four types of investors






3. What are wealth taxes.






4. What is intestate?






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






6. Equation for total wealth.






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






8. characteristics of maintenance phase






9. What is mortality risk?






10. four types of investors






11. Describe a spontaneous investor personality type.






12. benefits of IPS to client






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






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






15. benefits of IPS to manager






16. What are the benefits of an IPS to the client?






17. What are the diffferent types of tax jurisdictions?






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






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






20. What is tax alpha?






21. Define tax drag.






22. stages of life






23. What is the most common estate planning tool?






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

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25. What is HIFO accounting?






26. What are the two sources of wealth?






27. What are the 3 categories of investors when discussing concentrated positions?






28. What should an investor use in mean-variance optimization






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






30. characteristics of accumulation phase






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






32. What are wealth taxes.






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






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






35. characteristics of cautious investor

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






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






38. How is mortality risk typically hedged?






39. What is HIFO accounting?






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






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






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

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






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

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45. Describe an individualistic investor personality type.






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






47. characteristics of individualist investor






48. situational profiling

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






50. What are investment objectives and constraints?