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AWMA Practice Exam Study Guide with Complete Solutions
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AWMA Practice Exam Study Guide with Complete Solutions 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 sign...

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  • October 16, 2024
  • 111
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • awma practice exam study guide with complete solut

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  • Awma
  • Awma

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EMILLECT 2024/2025 ACADEMIC YEAR ©2024 EMILLECT. ALL RIGHTS RESERVED FIRST PUBLISH OCTOBER, 2024




AWMA Practice Exam Study Guide with
Complete Solutions

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 - Answer✔✔-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 - Answer✔✔-Reinvestment rate risk


The relationship between investment strategy and investment policy is one in which


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,EMILLECT 2024/2025 ACADEMIC YEAR ©2024 EMILLECT. ALL RIGHTS RESERVED FIRST PUBLISH OCTOBER, 2024




-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. - Answer✔✔-


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


-$25,000 - Answer✔✔-$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?




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,EMILLECT 2024/2025 ACADEMIC YEAR ©2024 EMILLECT. ALL RIGHTS RESERVED FIRST PUBLISH OCTOBER, 2024


-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. - Answer✔✔-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


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.




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, EMILLECT 2024/2025 ACADEMIC YEAR ©2024 EMILLECT. ALL RIGHTS RESERVED FIRST PUBLISH OCTOBER, 2024


-II and IV


-I and II


-I, II, and III


-I and III - Answer✔✔-I, II, and III


Which statement best explains the unauthorized practice of law?




-A non-attorney who discusses with a licensed attorney whether provisions in their client's will

are necessary


-A non-attorney who advises a client to have their estate plan updated


-A non-attorney who advises a client of potential "red flags" in their estate plan


-A non-attorney who advises a client to take actions that will affect their property or legal rights

- Answer✔✔-A non-attorney who advises a client to take actions that will affect their property

or legal rights


Changes that have occurred since investment firms changed from private partnerships to

publicly traded companies include all of these except




-partners no longer share in both the profits and losses of the firm.


-risk taking has increased.


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