Chartered Trust & Estate Planner (CTEP) Certification Examination v6.0
Question 1
_____________ allows you to contribute cash but you will not receive tax deduction at the time of contribution.
- A. Traditional IRA
- B. Roth IRA
- C. SEP-IRA
- D. Simple IRA
Answer : B
Question 2
There are __________types of Insurance policies which are used in Estate Planning.
- A. Two
- B. Three
- C. Four
- D. No limit on the types of Insurance Policies
Answer : A
Question 3
___________ is appropriate for donors who want to see their charitable dollars at work during their lifetimes.
- A. Bequest
- B. Family Foundation
- C. Outright gift
- D. Charitable Remainder Trust
Answer : C
Question 4
Which of the following statement(s) about Estate Planning is/are true?
- A. Neither (i) nor (ii)
- B. Both (i) and (ii)
- C. Only(i)
- D. Only (ii)
Answer : B
Question 5
Which of the following statement(s) about Ancillary Probate is/are false?
- A. Only (i)
- B. Only (ii)
- C. Both (i) and (ii)
- D. Neither (i) nor (ii)
Answer : D
Question 6
Which of the following comes under Non-Financial Goals of Estate Planning?
- A. Both (i) and (ii)
- B. Both (ii) and (iii)
- C. Only (ii)
- D. Only (iii)
Answer : C
Question 7
Which of the following about “Succession Plan” is/are true?
- A. Neither(i) nor (ii)
- B. Only (i)
- C. Only (ii)
- D. Both (i) and (ii)
Answer : A
Question 8
There are ______ steps in Selling process. The last step in Selling Process is
____________.
- A. Five, Develop and Implement the Plan
- B. Five, Service the Plan
- C. Eight, Implement the Plan
- D. Eight, Service the Plan
Answer : D
Question 9
Which of the following statement(s) about Power of Attorney (POA) is/are correct?
- A. Only (i)
- B. Only (ii)
- C. Both (i) and (ii)
- D. Neither (i) or (ii)
Answer : C
Question 10
Registration of Power of Attorney is __________in India. If Power of Attorney is in respect of immovable property of value more than __________ it must be registered.
- A. Compulsory, Rs.500
- B. Optional, Rs. 500
- C. Compulsory, Rs. 100
- D. Optional, Rs. 100
Answer : D
Question 11
You are an Estate Planner. As part of the Estate Planning process, you require the client to fill up 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__________
- A. Life Insurance and Qualified Retirement Plan
- B. Qualified Retirement Plans and Life Insurance
- C. Life Insurance and Marketable Securities’
- D. Marketable Securities and Life Insurance
Answer : A
Question 12
Charity tends to be ________ and _________ response.
- A. Short term, Strategic
- B. Long Term, Emotional
- C. Short Term, Emotional
- D. Long Term, Strategic
Answer : C
Question 13
High Net Worth Individuals can dispose of their money in______ ways. From the standpoint of the wealth holder,__________ is the most important of all.
- A. Three, Personal Consumption
- B. Three, Philanthropy
- C. Four, Personal Consumption
- D. Four,Philanthropy
Answer : A
Question 14
There are_________steps to implement Philanthropy Planning and the first step is__________.
- A. Three, Gift Design
- B. Three, Discovery
- C. Four, Gift Design
- D. Four, Discovery
Answer : D
Question 15
You have just started your Estate Planning firm. Your friend who is into Estate Planning since 5 years explains you that an Ideal Estate Planning Prospect is one who is aged ___ or over and are _______________.
- A. 30, Married with Children
- B. 30, Married with no children
- C. 35, Married with Children
- D. 35, Married with no Children
Answer : A