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Question 1 of 10
1. Question
Which of the following statement is true regarding the power of appointment?
Correct
The person who grants this power is called the donor, and the person who receives the power is known as the donee. The people to whom the holder gives power are the appointees.
Incorrect
The person who grants this power is called the donor, and the person who receives the power is known as the donee. The people to whom the holder gives power are the appointees.
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Question 2 of 10
2. Question
Which of the following statement best defines the term Crummey power?
Correct
Crummey power is a technique that enables a person to receive a gift that is not eligible for a gift-tax exclusion and change it into a gift that is, in fact, eligible. Individuals often apply.
Incorrect
Crummey power is a technique that enables a person to receive a gift that is not eligible for a gift-tax exclusion and change it into a gift that is, in fact, eligible. Individuals often apply.
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Question 3 of 10
3. Question
Which of the following statement is not true regarding the kiddie tax?
Correct
It applies to children under the age of 19 and full-time students under the age of 24.
Incorrect
It applies to children under the age of 19 and full-time students under the age of 24.
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Question 4 of 10
4. Question
Which of the following standards are defined in series 100?
Correct
The 100 series of the Practice Standards is about establishing and defining a relationship with a client.
Incorrect
The 100 series of the Practice Standards is about establishing and defining a relationship with a client.
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Question 5 of 10
5. Question
Which of the following statement is true regarding the Bankruptcy Code?
Correct
The debtor is allowed to retain a certain property, but a trustee liquidates all other assets.
Incorrect
The debtor is allowed to retain a certain property, but a trustee liquidates all other assets.
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Question 6 of 10
6. Question
Which of the following ratios is incorrect?
Correct
Consumer debt should never be greater than 20% of income.
Incorrect
Consumer debt should never be greater than 20% of income.
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Question 7 of 10
7. Question
Which of the following statement is not true regarding top-heavy plans?
Correct
Key employees are those who have more than 5% ownership.
Incorrect
Key employees are those who have more than 5% ownership.
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Question 8 of 10
8. Question
Which of the following statement is not true regarding systematic risk?
Correct
It affects the entire market and therefore cannot be avoided through diversification.
Incorrect
It affects the entire market and therefore cannot be avoided through diversification.
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Question 9 of 10
9. Question
Which of the following statement is true regarding unsystematic risk?
Correct
It only affect a particular business or industry, and therefore can be avoided through diversification.
Incorrect
It only affect a particular business or industry, and therefore can be avoided through diversification.
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Question 10 of 10
10. Question
Which of the following statement is true regarding Liquidity risk?
Correct
It refers to the relative ease with which a security can be sold at a fair price without the risk of loss.
Incorrect
It refers to the relative ease with which a security can be sold at a fair price without the risk of loss.