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FPQP ALL QUESTIONS WITH COMPLETE SOLUTIONS, GRADED A+
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FPQP ALL QUESTIONS WITH COMPLETE SOLUTIONS, GRADED A+
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Name: Score:274 Multiple choice questions
Term 1 of 274
DSUE
average indexed monthly earnings
dying with a will in place
dsue can be transferred to survivor
last deceased spouses unused exclusion amount
Definition 2 of 274
- if purchased: cost basis includes amount paid or its cost (FMV)
- if inherited: typically the same as when owner is purchased, generally FMV of property on date
donor died 6 months after
Exchange Trades Funds (ETFs) Pros
Basis (difference between purchased and inherited)
10 Healthcare benefits required in policies
What you can keep through medicaid?
,Term 3 of 274
cash/cash equivalents
- gain from principal residence
- like kind exchanges
- property transferred pursuant to divorce
readily converted to cash without losing principal
ex. checking/savings, CDs, money market funds, life insurnance cash values
records cash inflows and outflows over a period of time
STATIC - considers assets and liabilities at a certain point in time and can determine net
worth
Term 4 of 274
testate
dying with a will in place
least advantageous to investor
tangible and intangible items that are not real property
direct ownership in company
Definition 5 of 274
carries out terms of the will
trustee
testator
intestate
executor
,Term 6 of 274
parent plus student loans
credit card loans, no interest rate, needs based
student grants, repayment required, fixed interest rate
not needs based, unlimited amount, fixed at 7%
income based, limited amount, variable interest rate
Term 7 of 274
Types of Gifts
- outright
- in trust
- in custodial account
records cash inflows and outflows over a period of time
risk transfer
risk avoidance
risk reduction
risk retention
Revolving and Installment
, Term 8 of 274
assuming there is $2500 discretionary income to divert to income benefits, which gives greatest
tax savings?
- ability to contribute to 401K
- ability to contribute to FSA
- purchase company merch at a discount
- purchase additional life insurance
- separation of service, over 55
- dividends from ESOP
contribute to FSA (save on income tax and SS tax)
it is used to transfer a business interest at death of owner
legal right to obtain property if borrower defaults on loan
Term 9 of 274
he benefits of using trusts in estate planning include which of the following?
I. They can accumulate income for later distribution to a beneficiary.
II. They enable the grantor to provide for a surviving spouse with lifetime benefits, while ensuring
the remainder goes to another beneficiary.
III. Trusts can provide income, gift, and estate tax savings.
IV. Trusts can eliminate the need to have assets pass through probate upon the death of the
grantor/owner.
liability and taxation
I, II, III, IV
Contributions to a CESA are tax-deductible.
The wage earners plan of bankruptcy, wherein debtors keep all of their property and repay
a portion of their debts over a period of time under a court enforced plan
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