1.Which of the following is NOT an accurate statement specific to a fiduciary?

a.Financial planners are themselves fiduciaries when working in certain capacities with clients.

b.The fiduciary duty means acting in the clients best interests at all times and placing the clients interests above the interests of the adviser or planner.

c.This fiduciary relationship arises out of the trust and confidence the client places in the financial adviser or planner.

d.There are two basic types of fiduciary relationships in the planning process.

2.The _____ is appointed by a court to gather the decedents assets, resolve claims and disputes against the estate, invest assets during the period of administration, prepare an accounting of the estate assets, and make distributions to the beneficiaries according to the will or intestacy laws.

a. trustee

b. executor

c. guardian

d. fiduciary

3.Privacy policies play an important role between the client and planner. Which of the following could serve as a template for a privacy policy statement?

a. Maloney Act

b.Investment Advisers Supervision Coordination Act

c.Gramm-Bliley Act

d.Sarbanes-Oxley Act

4.Which of the following is NOT a duty the fiduciary owes to beneficiaries:

a. To refrain from any self-dealing at the expense of the beneficiaries and to remain loyal to beneficiaries.

b.To discard unproductive property as desired.

c.To invest property prudently according to state laws that may consist of a prudent-person rule, legal-list statute, or Uniform Prudent Investor Act.

d.To refrain from delegating acts that can be performed by the fiduciary.

5.Which Act limits a customers liability if his or her ATM or debit card is stolen?

a. Fair Credit Billing Act

b. Electronic Fund Transfer Act

c.Fair Debt Collection Practices Act

d.Identity Theft and Assumption Deterrence Act

6.A Chapter _____ is appropriate when the debtor has debts that need to be satisfied over time, such as child support.

a. 7

b. 11

c. 12

d.13

7.Which of the following is NOT a type of fiduciary relationships in financial planning.

a.Those providing advice regarding retirement plan and IRA assets have a duty to act in the best interests of the client.

b.Advisors to retirement plans have the duty to act in the best interests of the plan participants and beneficiaries.

c.Guardians are appointed to act in the best interests of the person who is their ward.

d. A professional banker discussion investments with her friends.

8.The _____established fiduciary responsibility for those who exercise any authority or control over the management or disposition of a qualified retirement plan assets.

a. FDIC

b.SEC

c.ERISA

d.FINRA

9.A client is on vacation and goes out bicycling. During the excursion, his wallet falls out of his pants. In the wallet are his Discover, American Express, Citibank MasterCard and Capital One Visa cards. He discovers the loss when he goes to pay his dinner bill that evening and reports the loss immediately. During the time of loss and the reporting of the lost cards, the following charges were placed. You inform that client that he is responsible for _____.

Discover $0

American Express $25

MasterCard $3,000

Visa $5,025

a. $0

b.$125

c. $200

d. $8,050

10. An individual has outstanding debt that consists of the following and files for Chapter 7. How much of the debt may be discharged?

Credit Card debt $32,000

Child Support $10,000

Subsidized Stafford loan $12,000

Unsubsidized Stafford loan $10,000

Outstanding Doctor Bills $ 7,500

Liability from drunken driving $10,000

a. $32,000

b. $39,500

c. $49,500

d. $51,500