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






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






3. What is loss aversion?






4. benefits of IPS to manager






5. sources of wealth






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






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






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






9. Describe asset segregation in a behavioral finance context.






10. Any amount above core capital is considered what?






11. What are the different stages of life?






12. What are the psychological issues of low basis stock held by an executive?






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






14. What are the disadvantages of private exchange funds for low basis stock?






15. What are the disadvantages of private exchange funds for low basis stock?






16. What are typical characteristics of active wealth creators?






17. four types of investors






18. stages of life






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






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






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






22. What is the general relationship between tax drag% and tax rate when capital gains taxes are deferred and B=1; and as investment horizon increases and return increases?






23. template for return objective






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






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






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






27. An investor's ability to take risk depends on what?


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


29. sources of wealth






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






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






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






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






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






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






36. What are the two sources of wealth?






37. Define tax drag.






38. typical IPS elements






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






40. stages of life






41. Define capital gains taxes.






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






43. What are wealth taxes.






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


45. What are the advantages of an outright sale of low basis stock?






46. What is the most common estate planning tool?






47. Describe the different types of double taxation conflicts.






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






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






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