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 measure of wealth?






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






3. What are the different types of trusts?






4. sources of wealth






5. What is intestate?






6. What is human capital?






7. Describe a cautious investor personality type.






8. As wealth increases...






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






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






11. Describe biased expectations in a behavioral finance context.






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






13. Define tax drag.






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

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






16. As probability of death increases...






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






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






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






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






21. characteristics of methodical investor






22. benefits of IPS to manager






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






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






25. What is HIFO accounting?






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






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

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28. characteristics of maintenance phase






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






30. What is intestate?






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






32. What are the two sources of wealth?






33. four types of investors






34. What are typical characteristics of active wealth creators?






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






36. What are wealth taxes.






37. Any amount above core capital is considered what?






38. sources of wealth






39. What are the equity holding life risk attributes for an investor?






40. What are the advantages of completion portfolios for low basis stock?






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






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






43. Describe the different types of double taxation conflicts.






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






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






46. What are ways that individuals can avoid probate?






47. characteristics of spontaneous investor

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48. Describe the different types of double taxation conflicts.






49. Describe a methodical investor personality type.






50. What are the different stages of life?