46. All the following Practice Standards are related to step 4 (developing and p

Question

46. All the following Practice Standards are related to step 4 (developing and presenting a plan) of the financial planning process EXCEPT
      
A.identifying and evaluating financial planning alternatives
      
B. determining a client's personal and financial goals, needs, and priorities
      
C. presenting the financial planning recommendations
      
D. developing the financial planning recommendations

2. All the following types of loans are secured EXCEPT
      
A. home equity line of credit
      
B. personal loan
      
C. auto loan
      
D. home equity loan

3. Reasons why an individual may want to reduce the size of an emergency fund include all the following EXCEPT
      
A. The individual has worked for the same employer for many years.
      
B. The individual has his or her own business.
      
C. The individual has a life insurance policy with a large cash value.
      
D. The individual has a home equity line of credit.

4. Registered investment advisers must comply with all the following responsibilities imposed by the SEC EXCEPT

      
A. use the initials RIA after their names on all business cards and letterheads

      
B. obtain a client's consent prior to transferring the account to another adviser

      
C. refrain from charging performance fees unless the adviser manages $750,000 of the client's assets or reasonably believes the client's net worth is at least $1.5 million

      
D. deliver a written brochure to every current and prospective client

5. Financial advisors who are subject to SEC regulation have all the following responsibilities EXCEPT
      
A. record keeping
      
B. recording conversations
      
C. delivering brochures
      
D. assigning contracts

Explanation / Answer

46. Answer: B. determining a client's personal and financial goals, needs, and priorities

2 Answer: A. home equity line of credit

3 Answer: B. The individual has his or her own business.

4. Answer: D. deliver a written brochure to every current and prospective client

5 Answer: C. delivering brochures

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