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Question 1 of 10
1. Question
According to Investment Advisors act of 1940, what are the exemptions from registration?
I. The publisher of a magazine that discusses financial planning
II. Teacher who provides investment advice incidentally
III. Financial Professional if they advice people in different state
IV. Registered representative whose advice is incidentalCorrect
According to the Investment Advisers Act of 1940, financial planners are not subject to the control of the act if they are: a bank or holding company that is not an investment company; a lawyer, accountant, engineer, or teacher who provides investment advice incidentally; a broker, dealer, or registered representative whose advice is incidental; the publisher of a magazine or journal that discusses financial planning; a person whose advice is limited to those securities guaranteed by the federal government; or any other person not within the law as specified by the SEC. Also, financial professionals may be exempt if they provide advice only to people who live within the same state, if they provide advice only to insurance companies, if they have fewer than 15 clients every year, or if they provide advice exclusively to churches.
Incorrect
According to the Investment Advisers Act of 1940, financial planners are not subject to the control of the act if they are: a bank or holding company that is not an investment company; a lawyer, accountant, engineer, or teacher who provides investment advice incidentally; a broker, dealer, or registered representative whose advice is incidental; the publisher of a magazine or journal that discusses financial planning; a person whose advice is limited to those securities guaranteed by the federal government; or any other person not within the law as specified by the SEC. Also, financial professionals may be exempt if they provide advice only to people who live within the same state, if they provide advice only to insurance companies, if they have fewer than 15 clients every year, or if they provide advice exclusively to churches.
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Question 2 of 10
2. Question
According to the Investment Advisers Supervision Coordination Act of 1996, financial planners must be registered with:
Correct
According to the Investment Advisers Supervision Coordination Act of 1996, financial planners must be registered with either the SEC or with the state authorities, but not necessarily with both.
Incorrect
According to the Investment Advisers Supervision Coordination Act of 1996, financial planners must be registered with either the SEC or with the state authorities, but not necessarily with both.
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Question 3 of 10
3. Question
For registration with SEC, advisors should have the value of assets under control to be:
Correct
There are some specific provisos: advisers with more than $30 million in assets under their control must register with the SEC, and those with less than $30 million must register with the state
Incorrect
There are some specific provisos: advisers with more than $30 million in assets under their control must register with the SEC, and those with less than $30 million must register with the state
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Question 4 of 10
4. Question
For the registration with State Authorities, advisors should have the value of assets under control to be:
Correct
There are some specific provisos: advisers with more than $30 million in assets under their control must register with the SEC, and those with less than $30 million must register with the state
Incorrect
There are some specific provisos: advisers with more than $30 million in assets under their control must register with the SEC, and those with less than $30 million must register with the state
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Question 5 of 10
5. Question
According to the Advisers Supervision Coordination Act of 1996, what is the threshold for the Small sized advisers?
Correct
“Small” advisers, which manage less than $25 million in assets
“Mid-sized” advisers, which manage between $25 million and $100 million in assets
“Large” advisers, which manage at least $100 million in assetsIncorrect
“Small” advisers, which manage less than $25 million in assets
“Mid-sized” advisers, which manage between $25 million and $100 million in assets
“Large” advisers, which manage at least $100 million in assets -
Question 6 of 10
6. Question
According to the Advisers Supervision Coordination Act of 1996, what is the term used for the advisers which manage between $25 million and $100 million in assets?
Correct
“Small” advisers, which manage less than $25 million in assets
“Mid-sized” advisers, which manage between $25 million and $100 million in assets
“Large” advisers, which manage at least $100 million in assetsIncorrect
“Small” advisers, which manage less than $25 million in assets
“Mid-sized” advisers, which manage between $25 million and $100 million in assets
“Large” advisers, which manage at least $100 million in assets -
Question 7 of 10
7. Question
When an investment adviser registers with the SEC, he or she will fill out Form ADV. Identify the sections of the form:
I. Background information of the applicant.
II. Information of the adviser.
III. Planned Fee structure.
IV. The adviser’s degree of involvement in securities transactions.Correct
The first part asks for background information about the applicant and his or her expected clients; the second part asks for information about the planned fee structure, services offered, method of business operation, and the adviser’s degree of involvement in securities transactions.
Incorrect
The first part asks for background information about the applicant and his or her expected clients; the second part asks for information about the planned fee structure, services offered, method of business operation, and the adviser’s degree of involvement in securities transactions.
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Question 8 of 10
8. Question
Under the Fair Debt Collection Act, the collector can call the consumer under the stipulated time. What is the stipulated time?
Correct
The act also defines the appropriate times for contacting a consumer: between eight in the morning and nine at night, at the consumer’s residence.
Incorrect
The act also defines the appropriate times for contacting a consumer: between eight in the morning and nine at night, at the consumer’s residence.
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Question 9 of 10
9. Question
In case of Fair Credit Reporting Act, bankruptcy information becomes obsolete after how many years?
Correct
Adverse information becomes obsolete after seven years, and bankruptcy information becomes obsolete after ten years.
Incorrect
Adverse information becomes obsolete after seven years, and bankruptcy information becomes obsolete after ten years.
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Question 10 of 10
10. Question
Who are considered fiduciaries?
I. Administrators
II. Custodians
III. Personal representatives
IV. TeachersCorrect
A fiduciary is any individual or organisation that has been given the power to manage the assets of another. Some of the people who are considered fiduciaries are executors, administrators, personal representatives, and custodians.
Incorrect
A fiduciary is any individual or organisation that has been given the power to manage the assets of another. Some of the people who are considered fiduciaries are executors, administrators, personal representatives, and custodians.