CEPA Certified Exit Planning Advisor Latest Update 2024 -2025 Actual Exam Questions and 100% Verified Correct Answers Guaranteed A+ A _____ gift is one in which the person who received the gift has the unrestricted right to the immediate possession and use of it. - CORRECT ANSWER: Present Interest Gift A "deliverable" includes which characteristics? - CORRECT ANSWER: a. Represents the conclusion of an assignment, task, or action b. Displays what the client is paying for c. Provides recommendations on the next set of actions the client should take A business attractiveness score of 67% is considered: - CORRECT ANSWER: Above Average A business owner only needs one advisor to complete their exit planning (T/F) - CORRECT ANSWER: False A descendant's unused federal estate tax exemption may be used by the surviving spouse (T/F) - CORRECT ANSWER: True A descendant's unused federal estate tax exemption may not be used by the surviving spouse (T/F) - CORRECT ANSWER: False A gift received by a person is not taxable income - CORRECT ANSWER: True A key difference between lifestyle businesses and value creator businesses is that value creator businesses usually generate better income (T/F) - CORRECT ANSWER: True A strategy which makes assets difficult or impossible to reach is called: - CORRECT ANSWER: Asset protection A successful exit strategy balances the "____ Legs of the Stool." - CORRECT ANSWER: Three All states have an estate tax (T/F) - CORRECT ANSWER: False As categorized by the Fisher College of Business at the Ohio State University, what are the three types of companies in the marketplace? - CORRECT ANSWER: Investors, Innovators, Efficiency Experts Business is personal for most owners (T/F) - CORRECT ANSWER: True Client cannot be a beneficiary of a intentionally defective grantor trust (IDGT) (T/F) (if T - disadvantage/advantage) - CORRECT ANSWER: True / Disadvantage Complete the following quote: "Luck is ___ meeting opportunity." - CORRECT ANSWER: Preparation Exit planning is a strategic business tool used to focus the company on maximizing business value (T/F) - CORRECT ANSWER: True First gate in the Value Acceleration Methodology? - CORRECT ANSWER: Discover Four intangible capitals (The 4Cs) include _ _ _ _ _, Structural, Social, and Customer - CORRECT ANSWER: Human Four intangible capitals (The 4Cs) include Human, _ _ _ _ _ _ _ _ _ _, Social, and Customer - CORRECT ANSWER: Structural Four intangible capitals (The 4Cs) include Human, Structural, _ _ _ _ _ _, and Customer - CORRECT ANSWER: Social Four intangible capitals (The 4Cs) include Human, Structural, Social, and _ _ _ _ _ _ _ _ - CORRECT ANSWER: Customer Four intangible capitals (The 4Cs) include Human, Structural, Social, and Customer (True/False) - CORRECT ANSWER: True Gifts to an IDGT do not trigger capital gains (T/F) - CORRECT ANSWER: True IDGT continues for multiple generations without being subject to federal estate (T/F) - CORRECT ANSWER: True If the potential value for a business is 16 million, and it's currently valued at 9 million, what is the value gap of the business? - CORRECT ANSWER: $7 Million If you were to come into an engagement and a business valuation had already been completed, there would be no need to complete a personal, financial, business attractiveness and readiness assessment (T/F) - CORRECT ANSWER: False In what gate would you utilize a business valuation? - CORRECT ANSWER: Gate 1 - Discover
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