11.In Australia, a will falls under:

Select one:

A. State jurisdiction.

B. Federal jurisdiction.

C. Federal jurisdiction unless seen to be prejudicial to a family member.

D. None of the above.

12.A will may be successfully contested on which of the following grounds?

Select one:

A. Lack of testamentary capacity.

B. Undue duress.

C. Incorrect execution.

D. Only options A & C are correct

E. Options A, B & C are all correct

13.The tax rate withheld by the recipient superannuation fund on non-concessional contributions within the relevant cap is:

Select one:

A. 15%.

B. 30%.

C. 0%.

D. None of the above.

14. Benefit payments from an income protection policy will generally be:

Select one:

A. Reduced by any sick leave or compensation payments received by the insured during the claim period.

B. Unaffected by any sick-leave or compensation payments received by the insured during the claim period.

C. Increased by any investment income earned during the claim period.

D. None of the above.

E. All of the above.

15. Marginal income tax rates for individuals in Australia are best described as:

Select one:

A. Regressive.

B. Progressive.

C. Constant.

D. None of the above.

16.Concessional (tax-deductible) contributions to a superannuation fund within the relevant cap are:

Select one:

A. Tax-free when received by the fund.

B. Taxed at 10% when received by the fund.

C. Taxed at 15% when received by the fund.

D. Taxed at 15% when withdrawn from the fund.

17.Which of the following would be classified as estate assets?

I.Jointly held investment property

II.Superannuation benefits with a valid binding nomination to the spouse

III.Self-owned life insurance policy

IV.Assets held in a family trust with the deceased as trustee and beneficiary

V. Property held jointly as tenants in common

Which of the above options is/are correct?

Select one:

a. Options III only

b. Options I,& III only

c. Options II, III, IV & V only

d. Options I, & V only

e. Options I, II, III, IV & V are all correct

18. Risk management includes the following steps, in order, to be addressed:

Select one:

A. Implementing agreed upon plans, identifying risks, developing control and financing measures and on-going review.

B. Identifying risks, developing control and financing measures, implementing agreed upon plans and on-going review.

C. Developing control and financing measures, implementing agreed upon plans, identifying risks and on-going review.

D. Developing control and financing measures, identifying risks, implementing agreed upon plans and on-going review.

E. Identifying risks, developing control and financing measures, implementing agreed upon plans and provide a written program.

19.Which of he below dividend income are included in the taxpayers assessable income for the relevant financial year:

I. A fully franked dividend.

II. An unfranked dividend.

III. A partially franked dividend.

IV. A dividend received by a company that the taxpayer is the sole shareholder.

V. A dividend subject to a dividend reinvestment scheme.

Which of the above options is/are correct?

Select one:

a. Options I only

b. Options I,& III only

c. Options II, III, IV & V only

d. Options I, II, III & V only

e. Options I, II, III, IV & V are all correct

20.The multiple approach to calculating the needs of dependants regarding life insurance:

Select one:

A. Is quite straightforward and can be used to calculate the total amount of cover necessary.

B. Has an underlying assumption that the needs of all people are very similar.

C. Generally ignores the individual's resources and commitments.

D. All of the above.

E. None of the above.