ACC 356 Midterm Exam | Complete Solutions (Verified) Tiffany Evans, a medical doctor and prospective client, has come to your office for the first time. Which is the most appropriate way to greet her? A. "Welcome to my office." B. "Welcome to my office, Dr. Evans." C. "Hi, Tiffany. Welcome to my...
Tiffany Evans, a medical doctor and prospective client, has come to your office for the
first time. Which is the most appropriate way to greet her?
A. "Welcome to my office."
B. "Welcome to my office, Dr. Evans."
C. "Hi, Tiffany. Welcome to my office."
D. "Welcome to my office, Ms. Evans."
Financial planners earn compensation in the form of:
1. A percentage of assets managed.
2. An hourly rate or fee.
3. A commission on investment and insurance products sold.
A. 1, 2, and 3.
B. 2 only.
C. 1 only.
D. 1 and 2.
During their meeting with you, Johnny and June call the benefits office to adjust their tax
withholding to better suit their financial needs.
Which of the following stages of the financial planning process is the planner engaged?
1. Analyzing the Client's Current Course of Action and Potential Alternative Courses of
Action
2. Monitoring Progress and Updating
3. Identifying and Selecting Goals
4. Understanding the Client's Personal and Financial Circumstances
5. Implementing the Financial Planning
6. Presenting the Financial Planning Recommendations
7. Developing the Financial Planning Recommendations
Which of the following is most likely to take place in the Analyzing the Client's Current
Course of Action and Potential Alternative Courses of Action step?
A. After meeting with David, you prepare his current financial statements.
B. During your meeting with Alexis, she provides you with several documents including
her employee benefits information and bank statements.
C. You provide your client with a description of the fees and costs of your financial
planning services.
D. In your meeting with Rosie, you sell her a new life insurance policy.
,Maria Chen has been a client of yours for many years. In your quarterly meeting with
Maria, you evaluate her retirement portfolio performance and ensure that progress is
being made as expected. Which part of the financial planning process are you engaged
in?
A. Developing the Financial Planning Recommendations.
B. Implementing the Financial Planning Recommendations.
C. Understanding the Client's Personal and Financial Circumstances.
D. Monitoring Progress and Updating.
During your meeting with your client, Hayden Doyle, you recommended he purchase a
personal liability umbrella policy (PLUP). Which part of the financial planning process
were you engaged in?
A. Monitoring Progress and Updating.
B. Implementing the Financial Planning Recommendations.
C. Presenting the Financial Planning Recommendations.
D. Identifying and Selecting Goals.
During your meeting with Jeff, you provide him with three education saving plans to
choose from. Which of the following stages of the financial planning process is the
planner engaged?
1. Analyzing the Client's Current Course of Action and Potential Alternative Courses of
Action
2. Monitoring Progress and Updating
3. Identifying and Selecting Goals
4. Understanding the Client's Personal and Financial Circumstances
5. Implementing the Financial Planning
6. Presenting the Financial Planning Recommendations
7. Developing the Financial Planning Recommendations
Your client, Donald, provides you with his tax returns from the previous year. Which of
the following stages of the financial planning process is the planner engaged?
1. Analyzing the Client's Current Course of Action and Potential Alternative Courses of
Action
2. Monitoring Progress and Updating
3. Identifying and Selecting Goals
4. Understanding the Client's Personal and Financial Circumstances
5. Implementing the Financial Planning
6. Presenting the Financial Planning Recommendations
7. Developing the Financial Planning Recommendations
Which of the following is usually included in an engagement letter?
, 1. Defined parties to the agreement.
2. Description of the fees and costs.
3. Time horizon for the work to be completed.
A. 1 and 2.
B. 2 only.
C. 1, 2, and 3.
D. 2 and 3.
Which school of thought defines mental health as having congruent and aligned
thoughts, feelings, and behavior?
A. Cognitive-Behavioral School of Thought.
B. Humanistic School of Thought.
C. Developmental School of Thought.
D. The Mental Wellness School of Thought.
Which School of Thought requires the financial planner to identify behavioral excesses
and inadequacies and try to manipulate these forces to change the client's behavior and
thought process?
A. The Cognitive-Behavioral School of Thought.
B. The Developmental School of Thought.
C. The Mental Wellness School of Thought.
D. Humanistic School of Thought.
Which school of thought has its origin in and was influenced by Freudian psychoanalytic
theory?
A. The Cognitive-Behavioral School of Thought.
B. The Mental Wellness School of Thought.
C. Humanistic School of Thought.
D. The Developmental School of Thought.
Which of the following statements is false?
A. Nonverbal cues, or body language, can communicate feelings and attitudes between
the client and the adviser.
B. Advisers should only use open questions during their client meetings.
C. It is important for the advisor to understand the client's values and goals.
D. Advisors should strive to be active listeners throughout their sessions with clients.
Which of the following best describes the cognitive bias of herding?
A. Attaching ones thoughts to a reference point that has no logical relevance or is not
pertinent o the issue in question.
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