Final Quiz – All Units - Wealth Management Course that Top Wealth Managers Swear By

Question 1 of 25

1. Question

Developing replacement charts that ensures the sufficient capabilities of individuals is one of the activity to begin ___________.

Regression Planning
Transfer
Succession Planning
Assessment Planning

Question 2 of 25

2. Question

Which of the following is not covered in administrative expenses involved in doing estate planning?

Attorney's Fees
Court Costs
Probate Costs
Final Illness Expenses

Question 3 of 25

3. Question

Broker who does only the work of insurance called _________.

Del Crader Agent
Commission Agent
General Agent
Special Agent

Question 4 of 25

4. Question

When can a private company borrow money?

After incorporation
After obtaining certificate to commerce business
After holding first annual general meeting
Before incorporation

Question 5 of 25

5. Question

Old source(s) of Hindu law is/are

Shrutis
Smritis
Customs, digest and commentaries
All the above

Question 6 of 25

6. Question

Which is the process of proving a Will is valid and thereafter administering the estate of a dead person according to the terms of the Will?

Trust
Probate
Letters of Administration
Gift Deed

Question 7 of 25

7. Question

The Indian Succession Act, 1925 does not apply in both testamentary or intestate succession of__________

Christians
Muslims
Parsis
Hindus

Question 8 of 25

8. Question

______________ is a Life Insurance Trust with certain provisions that allows gifts to the trust to qualify for the annual gift tax exclusion.

Crummey Trust
Constructive Trust
Charitable Lead Trust
Grantor Trust

Question 9 of 25

9. Question

A Grantor Trust is never a ______________ Trust.

Revocable Living
Irrevocable
Testamentary
Simple

Question 10 of 25

10. Question

In Singapore, Central Provident Fund monies can be distributed through __________.

Will
Trust
NGO's
Central Provident Fund monies cannot be distributed under a Will or under any trust created by deceased person

Question 11 of 25

11. Question

You are an Estate Planner. As part of the Estate Planning process, you require the client to fill up the ‘Estate Planning Checklist and Data Gathering form’. The client calls you to understand what are Schedule A and Schedule C attached to the form.You explain to him/her that Schedule A is for _______ and Schedule C is for __________.

Life Insurance and Qualified Retirement Plan
Qualified Retirement Plans and Life Insurance
Life Insurance and Marketable Securities’
Marketable Securities and Life Insurance

Question 12 of 25

12. Question

High Net Worth Individuals can dispose of their money in ______ ways. From the standpoint of the wealth holder, __________ is the most important of all.

Three, Personal Consumption
Three, Philanthropy
Four, Personal Consumption
Four,Philanthropy

Question 13 of 25

13. Question

The whole process of the company formation may be divided into three direct stages. What is the sequence?

Promotion, incorporation by registration, the commencement of business.
Incorporation by registration, commencement of business, promotion.
Commencement of business, promotion, incorporation by registration.
Commencement of business, incorporation by registration, promotion.

Question 14 of 25

14. Question

When can a public company borrow money?

Before incorporation
Soon after incorporation
After issuing a proposal
After obtaining certificate to commerce

Question 15 of 25

15. Question

Marriage under the Hindu Marriage Act, 1955 is

Purely Sacramental
Having semblance of a sacrament as well as semblance of a contract
Purely Contract
None of the above

Question 16 of 25

16. Question

Renunciation of his interest in the coparcenary property by a coparcener

Is a transfer and deed and other formalities are necessary
Does not amount to transfer and no deed or other formality is necessary
Is a transfer but no deed or other formality is necessary
None of the above

Question 17 of 25

17. Question

When will an ancestral property become a self-acquired property?

Once they converts to other religion then it will automatically becomes self-acquired property
Once a division of the property takes place, the share or portion which each coparcener gets after the division becomes his or her self acquired property
An ancestral property always remains as an ancestral property only
None of the above

Question 18 of 25

18. Question

Which of the following statement holds incorrect regarding HUF?

HUF is taxed separately from its members
HUF has its own PAN and files tax returns independent of its members
Deductions u/s 80 and other exemptions cannot be claimed by the HUF in its income tax return
Buddhists, Jains and Sikhs can also form a HUF

Question 19 of 25

19. Question

The distribution of the immovable property of a person deceased shall be regulated by?

By the succession laws of Indonesia
By the succession laws of Malaysia
The law of the country in which he was domiciled at the time of his death
Singapore Intestate Succession Act, wherever he may have been domiciled at the time of his death

Question 20 of 25

20. Question

The distribution of the movable property of a person deceased shall be regulated by?

By the succession laws of Indonesia
Singapore Intestate Succession Act, wherever he may have been domiciled at the time of his death
The law of the country in which he was domiciled at the time of his death
By the succession laws of Malaysia

Question 21 of 25

21. Question

A widow ‘W’ held some properties as ‘Widows estate’. She sold the properties to X before the commencement of the Hindu Succession Act, 1956. Which of the following statements will be true?

Property will revert to W after the death of X
X will not get full ownership. W will get full ownership by virtue of Section 14 of the Act
X will get full ownership by virtue of Section 14 of the Act
None of the above

Question 22 of 25

22. Question

Which of the following is the definition of the term Exchange as given under the Transfer of Property Act, 1882?

When two or more persons mutually transfer the ownership of one thing for the ownership of another, either thing or both things being money only
When two or more persons mutually transfer the ownership of one thing for the ownership of another, neither thing or both things being money only
When two persons mutually transfer the ownership of one thing for the ownership of another, neither thing or both thing being money only
When two persons mutually transfer the ownership of one thing for the ownership of another, either thing or both things being money only

Question 23 of 25

23. Question

Which of the following statements is incorrect regarding wives for the purpose of general rules of succession in the case of males under the Hindu Succession Act, 1956?

Conversion of a Hindu widow to another religion is not a ground for divesting her of property inherited by her from her husband
By her second marriage, widows forfeits the interest taken by her in her husband's estate and it passes to the next heir of her husband as if she was dead
A woman leaves her husband and remarries without divorce taking place. She can inherit her husband's property
If the husband dies pending divorce, wife would not loses her right to succeed to the husband's property

Question 24 of 25

24. Question

Which of the following holds correct under private trusts?

If the beneficiary is minor child or spouse, the capital of the trust should not be through the parent or father-in-law or husband of the beneficiary because, in such a case, the income will get clubbed with them, as per the Clubbing Provisions of the Income Tax Act
Beneficiaries of a private trust should not be the beneficiaries of any other trust, as the tax is again charged at the maximum marginal rate
A private trust should be made 100% specific beneficiary for major son or daughter. It will ensure that money is not misused by the son in future or relatives of the daughter when she gets married
All of the above

Question 25 of 25

25. Question

If an intestate dies leaving a surviving spouse and no children but a parent or parents, then the distribution will be?

The spouse shall be entitled to one-fourth of the estate and the parent or parents to three-fourth of the estate
The spouse shall be entitled to one-half of the estate and the parent or parents to the other half of the estate
It depends on the total members including spouse and distribution accordingly
None of the above