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 main characteristics of the maintenance phase of life?






2. Describe an individualistic investor personality type.






3. What is human capital?






4. characteristics of maintenance phase






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

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






7. Equation for total wealth.






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






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






10. characteristics of cautious investor

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11. Describe a cautious investor personality type.






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






13. What is intestate?






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

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15. What are the different stages of life?






16. What are the equity holding life risk attributes for an executive?






17. Human capital is sometimes referred to as what?






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






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






20. Investor questionnaires help to determine what?






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






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






23. Describe biased expectations in a behavioral finance context.






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

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






26. benefits of IPS to client






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






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






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






30. characteristics of foundation stage






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






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






33. Define tax drag.






34. What are the different types of trusts?






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






36. benefits of IPS to client






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






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






39. Describe the equity holding life three stages from the perspective of the stock.






40. What are the general legal and regulatory considerations for individuals?






41. What is HIFO accounting?






42. What are the two sources of wealth?






43. What are the two sources of wealth?






44. What are typical characteristics of active wealth creators?






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






46. Describe asset segregation in a behavioral finance context.






47. What are the different types of trusts?






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






49. What are investment objectives and constraints?






50. What are the general legal and regulatory considerations for individuals?