ACC 356 Midterm Complete Study Questions And Answers Rated A+
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Course
ACC 356
Institution
ACC 356
ACC 356 Midterm Complete Study Questions And Answers Rated A+
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. Wel...
ACC 356 Midterm Complete Study Questions And
Answers Rated A+
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." ANS B. "Welcome to my office, Dr. 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. ANS A. 1, 2, and 3.
During their meeting with you, Johnny and June call the benefits office to adjust their tax withholding tobetter 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 ANS 5. Implementing the Financial Planning
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. ANS A. After meeting with David, you
prepare his current financial statements.
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. ANS 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. ANS C. Presenting the Financial Planning Recommendations.
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 ANS 6. Presenting 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 ANS 4. Understanding the Client's Personal and
Financial Circumstances
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. ANS C. 1, 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. ANS B. Humanistic 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. ANS A. The Cognitive-Behavioral 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. ANS 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. ANS B. Advisers should
only use open questions during their client meetings.
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.
B. The tendency of investors to believe that they can outperform the market based on their beliefs or skills.
C. Individuals that mimic the actions or decisions of a larger group, even though the individual may not have
necessarily made the same choice.
D. Individuals tend to filter information and focus on information that supports their decisions. ANS C.
Individuals that mimic the actions or decisions of a larger group, even though the individual may not have
necessarily made the same choice.
Which of the following is probably the start of a closed question?
A. Please explain whether ...
B. Why ...
C. Isn't it true that ...
D. How ... ANS C. Isn't it true that ...
Making a decision based on whatever information exists in your memory bank best describes which of the
following:
A. Availability Heuristic.
B. Similarity Heuristic.
C. No answer text provided.
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