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

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Question # 57

Which of the following statement(s) about Estate Planning is/are true?

A.

Neither (i) nor (ii)

B.

Both (i) and (ii)

C.

Only(i)

D.

Only (ii)

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Question # 58

With reference to Business Succession Planning, ____________ protects the value of the business.

A.

Business Valuator

B.

Private Banker

C.

Insurance Professional

D.

Business Banker

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Question # 59

Which of the following statement(s) about Socities Registration Act is/are correct?

A.

Both (i) and (ii)

B.

Only (i)

C.

Only (ii)

D.

Neither (i) nor (ii)

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Question # 60

What is Probate?

A.

A Will made out of undue influence

B.

The process of distribution of estate

C.

A person who pays the ‘Inheritance Tax’

D.

Court process by which a will is proved valid or invalid

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Question # 61

Is there any default for not/late filling of wealth tax returns?

A.

Nil, there is no default for not/late filling of wealth tax returns as you can file at the end date of any quarter.

B.

Yes, penal interest at the rate of 1% every month or part of the month of delay is chargeable for Non/Late filling of Return.

C.

Yes, penal interest at the rate of 2% per month of the part of the month of delay is chargeable for Non/Late filling of return.

D.

Nil, there is no default for not/late of wealth tax returns as the Wealth tax is deducted at source.

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Question # 62

Estate Planning Process is eight-step procedure that a manager has to follow. The Eight Steps are as given below (not in any order)

The correct order is

A.

(i)-(ii)-(iii)-(iv)-(v)-(vi)-(vii)-(viii)

B.

(ii)-(i)-(iii)-(iv)-(vi)-(vii)-(viii)-(v)

C.

(ii)-(i)-(iii)-(iv)-(vi)-(vii)-(v)-(viii)

D.

(ii)-(i)-(iii)-(iv)-(vi)-(v)-(vii)-(viii)

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Question # 63

Which of the following comes under Non-Financial Goals of Estate Planning?

A.

Both (i) and (ii)

B.

Both (ii) and (iii)

C.

Only (ii)

D.

Only (iii)

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Question # 64

______________ does not divest the policy holder of his rights in the policy and he retains disposing power over it.

A.

Assignment

B.

Nomination

C.

Reinsurance

D.

Transferring

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