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Wrong Answer Deck! > General Principles > Flashcards

General Principles Flashcards

1
Q

Practice Standards

A
  • responsibilites of CFP through each step of financial planning process
  • part of code of ethics
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2
Q

Steps of Financial Planning Process

A
  1. Understand
  2. Identify
  3. Analyze
  4. Develop
  5. Present
  6. Implement
  7. Monitor/Update

On the exam, watch out for rec’s before gathering

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3
Q

UTMA

Cannot be owned by…

A
  • EE Education Bonds
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4
Q

QTPs

A
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5
Q

Punitive vs. Compensatory

A

Punitive
* taxable except for death
* intended to punish wrongdoing
Compensatory
* Injury or sickness = tax free

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6
Q

Monetary vs. Fiscal Policy

A
  • monetary = federal reserve (discount rate, buying/selling securities, margin/reserve requirements)
  • Fiscal = congress (budget, taxes, spending
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7
Q

American Opportunity Credit

A

*

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8
Q

Qualitative vs. Quantitative

A
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9
Q

Passive Activities

What is it?

A
  • does not materially participate
  • limited partnership interests
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