AAFM Chartered Trust & Estate Planner (CTEP) Certification Examination

QUESTION NO: 1
What does 'T' in 'SWOT' stands for?

A. Trust B. Threats C. Trends D. Time

Correct Answer: B

QUESTION NO: 2
Money laundering Process has ____________ stages. The Financial Action Task Force on Money Laundering was formed in __________ by the G7 countries.

A. Three,1989 B. Four,1989 C. Three,1979 D. Four,1989

Correct Answer: A

QUESTION NO: 3
Goods and Services Tax (GST) was introduced in Singapore in ____________

A. 1992 B. 2002 C. 1994 D. 2012

Correct Answer: C

QUESTION NO: 4
What is the full form of QTIP as in "QTIP Trust"?

A. Qualifier Terminable Interest Property B. Qualified Terminable Interest Property C. Qualifier Terminable Interest Partition D. Qualified Terminable Interest Partition

Correct Answer: B

QUESTION NO: 5
Which of the following statement(s) about Offshore Trust is/are correct?

A. Only (ii) B. Neither (i) or (ii) C. Only (i) D. Both (i) and (ii)

Correct Answer: D

QUESTION NO: 6
___________ is a brief description of what you do and what you serve.

A. Personal Brochure B. Public Persona C. Direct mail D. Elevator Speech

Correct Answer: D

QUESTION NO: 7
Where an estate is liable to Inheritance Taxes, the tax is usually payable within ________________ of the end of the month in which the death occurred. If it becomes overdue,the amount owing may incur interest, currently at ___________ (as at April 2012).

A. Six months, 6% p.a. B. Three months, 6% p.a. C. Three months,3% p.a. D. Six months, 3% p.a.

Correct Answer: D

QUESTION NO: 8
Mukul purchased a flat on 1-4-1996 for Rs. 10,00,000/-. He sells the same flat on 1-102006 for Rs. 25,00,000/-. Please calculate the Indexed Cost of Acquisition on which capital gain would be calculated. (The CII of year 1995-96 is 281, for year 1996-97 is 305, for year 2005-06 is 497 and for year 2006-07 is 519).

A. Rs. 17,01,639 B. Rs.17,45,508 C. Rs.17,26,175 D. Rs.17,85,129

Correct Answer: A

QUESTION NO: 9
In Singapore, If an individual does not agree with the assessment raised, he she have to lodge an objection in writing within ________from the date of issue of notice of assessment; otherwisethe assessment will automatically become final.Singapore has entered into tax treaties with _____________.

A. 15 days; 72 countries B. 30 days; 52 countries C. 30 days; 72 countries D. 15 days; 52 countries

Correct Answer: C

QUESTION NO: 10
There are______ key estate planning strategies to transfer wealth efficiently. In a Granted Retained Annuity Trust,annuity payments are determined in relation to IRS benchmark interest rate called ____________ rate.

A. Six, Section 7620 B. Six, Section 7520 C. Four. Section 7620 D. Four, Section 7520

Correct Answer: B

QUESTION NO: 11
Which of the following statement(s) is/are correct?

A. Only (i) B. All of the above C. Only (i) & (iii) D. Only (i) & (ii)

Correct Answer: C

QUESTION NO: 12
Estate tax is also called ________

A. Involuntary Tax B. Succession Tax C. Voluntary Tax D. Transfer Tax

Correct Answer: C

QUESTION NO: 13
In UK, for year 2013-2014, Blind Person's allowance is ___________ and minimum amount of married couple's allowance is __________.

A. (GBP)2,100; (GBP)2,960 B. (GBP)2,610; (GBP)3,400 C. (GBP)2,160; (GBP)3,040 D. (GBP)1,980; (GBP)2,800

Correct Answer: C

QUESTION NO: 14
High Net Worth Individuals can dispose of their money in______ ways. From the standpoint of the wealth holder,__________ is the most important of all.

A. Three, Personal Consumption B. Three, Philanthropy C. Four, Personal Consumption D. Four,Philanthropy

Correct Answer: A

AAFM Chartered Trust & Estate Planner (CTEP) Certification Examination - CTEP Exam Questions