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 biased expectations in a behavioral finance context.






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


3. Describe the different types of double taxation conflicts.






4. characteristics of maintenance phase






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






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






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






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






9. Define tax drag.






10. What is loss aversion?






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






12. characteristics of foundation stage






13. What is the most common estate planning tool?






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






15. characteristics of spontaneous investor


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






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






18. What are the main characteristics of fixed annuities?


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






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






21. What is the most common estate planning tool?






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






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






24. Describe a cautious investor personality type.






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






26. What are the advantages of private exchange funds for low basis stock?






27. What are typical characteristics of active wealth creators?






28. characteristics of individualist investor






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






30. benefits of IPS to client






31. typical IPS elements






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






33. Why would an individual try to use generation skipping in estate planning?






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






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






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






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






38. As probability of death increases...






39. What are the advantages of public exchange funds for low basis stock?






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






41. What are the different stages of life?






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


43. characteristics of cautious investor


44. As age increases..






45. As age increases..






46. What are the main characteristics of chritable gifts?






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






48. characteristics of distribution phase






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






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