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 are the different methods of relief from double taxation?






2. Equation for total wealth.






3. Define capital gains taxes.






4. What is intestate?






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

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6. four types of investors






7. sources of wealth






8. psychological profiling






9. What are the main types of investors?






10. Describe a spontaneous investor personality type.






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






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






13. What are the two sources of wealth?






14. Investor questionnaires help to determine what?






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






16. situational profiling - considerations






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






18. What are typical characteristics of active wealth creators?






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






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






21. What are the diffferent types of tax jurisdictions?






22. What are the main characteristics of chritable gifts?






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






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

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






26. characteristics of accumulation phase






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






28. Describe biased expectations in a behavioral finance context.






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






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






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






32. As desire to leave an estate increases...






33. characteristics of spontaneous investor

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






35. Equation for total wealth.






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






37. sources of wealth






38. What risks must be considered when discussing each concentrated investor category?






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






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






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






42. Describe a spontaneous investor personality type.






43. benefits of IPS to manager






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






45. Describe asset segregation in a behavioral finance context.






46. typical IPS elements






47. What is HIFO accounting?






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






49. What are investment objectives and constraints?






50. How is mortality risk typically hedged?