Helo

Fins 2643 Wealth Management Midsession Exam Practice MCQs

1. Which of the following is NOT a step in the Financial Planning Process? A. Collect the client data B. Identify financial problems C. Recommendations and implementation D. Preparation of a Financial Services Guide

2. The MOST important element of the first interview is to: A. Obtain all the information about the client B. Be aware of body language C. Provide the client about what services you can offer D. Create a climate of trust

3. A data gathering instrument is important because A. It is the prime means of providing comprehensive information to the client B. It is the prime means of obtaining comprehensive information from a client C. It is the best way of storing client information D. This document is not a primary source of information

4. The most important role of a professional body is to: A. increase membership B. produce codes of conduct and ethics C. establish a knowledge base for members D. produce codes of conduct and ethics and establish a knowledge base for members

5. The Financial Planning Association is encouraging which of the following remuneration scheme(s) for financial planners: A. fee for service B. commission C. a hybrid of fee and commission D. the Financial Planning Association has no view of remuneration scheme

6. Which of the following statements about business cycle is wrong? A. Boom is the best time to invest in risky asset for the long term B. Boom is immediately followed by recovery C. Contraction is immediately followed by recession D. All of the above statements are correct.

7. The single licensing regulator in the Financial Services Industry is A. Australian Competition and Consumer Commission B. The Australian Taxation Office C. Australian Securities and Investment Commission D. The Reserve Bank

8. The Smith family purchased a Volvo sedan for $42,000 by making a $4,000 cash payment and getting a loan of $38,000 from a finance firm. What net impact...