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Exam (elaborations)

AWMA Practice Exam Questions & 100% Correct Answers

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Baby boomers and older GenXers as compared to millennials and younger Gen Xers- -Are likely to be advised by a millennial adviser -Have financial planning needs that has stayed relatively the same over many years -Have not experienced significant bear markets -Are generally seeking many m...

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  • September 12, 2024
  • 127
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • AWMA
  • AWMA
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ExamArsenal
1 | P a g e | © copyright 2024/2025 | Grade A+




AWMA Practice Exam Questions & 100%
Correct Answers
Baby boomers and older GenXers as compared to millennials and younger

Gen Xers-




-Are likely to be advised by a millennial adviser

-Have financial planning needs that has stayed relatively the same over

many years

-Have not experienced significant bear markets

-Are generally seeking many more technological options in financial planning

✓ ~~> Have financial planning needs that has stayed relatively the

same over many years




Dan has bonds maturing in two weeks. Since he bought the bonds interest

rates have fallen. To which one these risks are Dan's bonds most likely to be

subject?

-Financial risk

-Default risk

-Reinvestment rate risk

-Interest rate risk



Master01 | September, 2024/2025 | Latest update

, 2 | P a g e | © copyright 2024/2025 | Grade A+



✓ ~~> Reinvestment rate risk




The relationship between investment strategy and investment policy is one in

which




-investment strategy is subservient to investment policy.

-investment policy is determined by investment strategy.

-investment strategy dictates the asset categories to be incorporated into the

investment policy.

-investment policy is established once the investment strategies to be used

are agreed upon.

,investment strategy is subservient to investment policy.

✓ ~~>




If ABC Corporation has net profits of $100,000 and distributes $50,000 as

dividends. what is its taxable income?




-$50,000

-$0

-$100,000




Master01 | September, 2024/2025 | Latest update

, 3 | P a g e | © copyright 2024/2025 | Grade A+



-$25,000

✓ ~~> $100,000




Joseph, age 60, is a taxpayer who has a considerable amount of income

that is not subject to withholding. He has not made any estimated payments

during the year. At a planning review session in mid-December, his adviser

informs him that he's approximately $25,000 underwithheld. What course of

action might Joseph follow to avoid an underpayment penalty?




-Make an estimated tax payment before the end of the year. This will make

up for any underwithholding.

-Initiate a $25,000 distribution from his IRA account, and direct that 100% of

the distribution be withheld for federal income tax before year-end. This will

make up for any underwithholding.

-Make an estimated tax payment in December and another before the

January 15 deadline for the fourth quarter. This will make up for any

underwithholding.

-No exceptions to the underpayment penalty are available.

✓ ~~> Initiate a $25,000 distribution from his IRA account, and direct

that 100% of the distribution be withheld for federal income tax before

year-end. This will make up for any underwithholding




Master01 | September, 2024/2025 | Latest update

, 4 | P a g e | © copyright 2024/2025 | Grade A+



Which of these statements accurately describe characteristics of using life

insurance for the informal funding of a nonqualified deferred compensation

plan?




It represents an asset that may be purchased to fund the employer's

unsecured promise to pay deferred amounts to the employee.

It offers the advantage of being able to fund a death benefit immediately.

It offers the advantage of various settlement options.

It offers the advantage of simplified administration since death proceeds are

paid directly to an employee's surviving spouse or other beneficiary.




-II and IV

-I and II

-I, II, and III

-I and III

✓ ~~> I, II, and III




Which statement best explains the unauthorized practice of law?




Master01 | September, 2024/2025 | Latest update

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