CTEP : Chartered Trust & Estate Planner (CTEP) Certification Exam

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CTEP
Chartered Trust & Estate Planner (CTEP) Certification
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Question: 68
You are an Estate Planner. A client asks you to explain him the process of Probate. You explain him that Probate is
one of the ways to pass ownership of estate property to a decedent’s survivors. The client further asks you to outline
the various steps of Probate.
As an estate planner, you would outline the steps of probate as follows (please specify the correct order)

A . (i)-(ii)-(iii)-(iv)
B . (ii)-(iii)-(i)-(iv)
C . (i)-(iii)-(ii)-(iv)
D . (iii)-(i)-(ii)-(iv)
Answer: B
Question: 69
For which of the following stage of Business Cycle a succession plan is not prepared?
A . Survival
B . Growth
C . Maturity
D . New Growth or Winding Down
Answer: D
Question: 70
The selling/ planning process has __________ steps.
A . Four
B . Five
C . Seven
D . Eight
Answer: D
Question: 71
You are an estate planner. A couple has jointly owned company. They have three children out of which one is
disabled. As an estate planner, which Estate planning would you suggest to the couple, so as to enable them to transfer
wealth efficiently to their children.
A . Life Insurance Policy
B . Buy Sell Agreement
C . Family Limited Partnership
D . Grantor Retained Annuity Trust
Answer: B
Question: 72
Estate planning as a process includes?
A . Accumulation of an estate
B . Conservation of an estate
C . Distribution of an estate
D . All of the above
Answer: D
Question: 73
______________ 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
Answer: B
Question: 74
_________ is the most appropriate method for donors who prefer to make gifts at the end of their life and _________
is the most appropriate method for donors who prefer to give gifts during their lifetime.
A . Bequest and Outright Gift
B . Outright Gift and Bequest
C . Family Foundation and Life Income Gifts
D . Life Income Gifts and Family Foundation
Answer: A
Question: 75
The maximum gratuity payable as per Payment of Gratuity Act is __________.
A . Rs. 2,50,000
B . Rs.3,00,000
C . Rs. 10,00,000
D . Rs.4,00,000
Answer: C
Question: 76
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)
Answer: B
Question: 77
More than_______ in wealth classifies the person as “Ultra HNI”
A . $1 million
B . $10 million
C . $50 million
D . $100 million
Answer: C
Question: 78
Estate planning has _________ steps.
A . Two
B . Three
C . Four
D . Five
Answer: D
Question: 79
___________ is the submission of a disputed matter to an impartial person.
A . Mediation
B . Negotiation
C . Arbitration
D . Litigation
Answer: C
Question: 80
___________ is appropriate for donors who want to see their charitable dollars at work during their lifetimes.
A . Bequest
B . Family Foundation
C . Outright gift
D . Charitable Remainder Trust
Answer: C

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