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

Page: 4 / 15
Total 472 questions

There are generally________ types of Private Foundations. Out of these, in ____________ arrangement, the donor has no direct participation in any charitable work.

A.

Two, Company-Sponsored Foundation

B.

Three, Non-Operating Foundation

C.

Two, Non-Operating Foundation

D.

Three, Company-Sponsored Foundation

You have just started your Estate Planning firm. Your friend who is into Estate Planning since 5 years explains you that an Ideal Estate Planning Prospect is one who is aged ___ or over and are _______________.

A.

30, Married with Children

B.

30, Married with no children

C.

35, Married with Children

D.

35, Married with no Children

What does ‘T’ in ‘SWOT’ stands for?

A.

Trends

B.

Time

C.

Threats

D.

Trust

Which of the following statement(s) about Minute Book is/are correct?

A.

Both (i) and (ii)

B.

Neither (i) nor (ii)

C.

Only (i)

D.

Only (ii)

You are an Estate Planner. As part of the Estate Planning process, you require the client to fill up ‘Estate Planning Checklist and Data Gathering form’. The client calls you to understand what are Schedule A and Schedule C attached to the form.You explain to him/her that Schedule A is for _______ and Schedule C is for__________

A.

Life Insurance and Qualified Retirement Plan

B.

Qualified Retirement Plans and Life Insurance

C.

Life Insurance and Marketable Securities’

D.

Marketable Securities and Life Insurance

____________ is the most basic legal instrument of all Estate Plans.

A.

Power of Attorney

B.

Will

C.

Trust Deed

D.

Any one of above

Mr. Kadam is entitled to a salary of Rs. 25,000 per month. He is given an option by his employer either to take house rent allowance or a rent free accommodation which is owned by the company. The HRA amount payable was Rs. 5,000 per month. The rent for the hired accommodation was Rs. 6,000 per month at New Delhi. Advice Mr. Kadam whether it would be beneficial for him to avail HRA or Rent Free Accommodation. Give your advice on the basis of “Net Take Home Cash benefits”.

A.

Avail HRA

B.

Rent Free Accomodation

C.

Both are Beneficial

D.

None of the Above

Money-Laundering process has __________ stages.

A.

Two

B.

Three

C.

Four

D.

Infinite

Which of the following is allowed as deduction from net annual value of a property?

A.

Repairs & collection charges

B.

Insurance premium

C.

Interest on loan borrowed for repairs

D.

All the above

X Ltd. has failed to remit the tax deducted at source from annual rent of Rs. 6,60,000 paid to Mr. A for its office building. The said rent is

A.

fully allowable as a business expenditure

B.

not allowable in view of Section 40(a)(I)

C.

allowable to the extent of 50%;

D.

none of the above