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 advantages of an outright sale of low basis stock?






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






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

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






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






6. characteristics of maintenance phase






7. What are the four broad categories of investor personality types (BB&K)?






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






9. What are the diffferent types of tax jurisdictions?






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






11. What are the two sources of wealth?






12. What are the different stages of life?






13. What is the most common estate planning tool?






14. typical IPS elements






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






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






17. What are typical characteristics of passive recipients of wealth?






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






19. What are the main characteristics of fixed annuities?

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20. As probability of death increases...






21. How is mortality risk typically hedged?






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






23. What are the psychological issues of low basis stock held by an entrepreneur?






24. situational profiling - considerations






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






26. characteristics of spontaneous investor

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






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






29. characteristics of individualist investor






30. What are the main types of investors?






31. Describe biased expectations in a behavioral finance context.






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






33. What is intestate?






34. Describe an individualistic investor personality type.






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






36. template for return objective






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






38. Describe the different types of double taxation conflicts.






39. What are typical characteristics of passive recipients of wealth?






40. What are wealth taxes.






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






42. characteristics of methodical investor






43. Describe an individualistic investor personality type.






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






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






46. four types of investors






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






48. What is core capital?






49. What are the problems that financial advisers can face with low basis stock?






50. What are the diversification techniques for low basis stock?