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 is intestate?






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

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3. What are the main characteristics of the maintenance phase of life?






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






5. What are the diffferent types of tax jurisdictions?






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






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






8. Investor questionnaires help to determine what?






9. benefits of IPS to client






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






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






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






13. Describe a methodical investor personality type.






14. What are typical characteristics of active wealth creators?






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






16. four types of investors






17. All costs associated with probate are born by whom?

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18. Describe an individualistic investor personality type.






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






20. Why would someone want to use a valuation discount?






21. What is measure of wealth?






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






23. Describe biased expectations in a behavioral finance context.






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






25. What are the two sources of wealth?






26. What is another name for a variable prepaid forward and What is its main purpose?






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






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






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






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






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






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






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






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






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






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






37. What is mortality risk?






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






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






40. What are the disadvantages of an outright sale of low basis stock?






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






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






43. Investor questionnaires help to determine what?






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






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






46. characteristics of cautious investor

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






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






49. What is human capital?






50. How is mortality risk typically hedged?