From “ Supreme Court Ruling Could Hike Taxes When Business Is Passed ,” page 12 1 . A 2024 Supreme Court ruling said that ____ used to fund shares redeemed from deceased shareholders ’ families must be included in a company ’ s fair market value . A . Life insurance

C . Golden parachutes

B . Buy-sell agreements

D . None of the above

2 . The high court ’ s ruling in Connelly v . the U . S . has an effect on ___. A . Companies ’ fair market value B . Buy-sell agreements C . The estate plans of deceased owners D . All of the above

From “ 12 Questions For Philanthropists ,” page 25

3 . What ’ s a risk of building and managing your own charitable foundation ? A . Its bureaucracy can diverge — and even conflict — with its founding mission . B . It ’ s better to delegate charitable tasks to others . C . It ’ s difficult to find employees . D . None of the above

4 . What ’ s the advantage for philanthropists of collaborating with government policymakers ? A . Government budgets dwarf even the wealthiest philanthropist ’ s resources . B . You have a better chance of achieving your goals . C . You can better delegate tasks . D . None of the above

From “ Using Investors ’ Quirks To Find Value ,” page 45

5 . The Huber Select Large Cap Value Fund typically has ___ stock holdings . A . 20 to 30 C . 75 to 100 B . 40 to 50 D . 100 to 150

6 . What future Nobel prize winning economist did Joe Huber take a course with in 1995 ? A . Richard Thaler

C . Harry Markowitz

B . Robert Solow

D . William F . Sharpe From “ When Roth Conversions Make No Sense ,” page 48 7 . Clients 70½ or older can take money out of IRAs with qualified charitable distributions of up to ____ per year . A . $ 50,000 C . $ 105,000 B . $ 75,000 D . $ 150,000

8 . Roth IRAs have all the following characteristics except one : A . They lower your taxes in the current year . B . They help you avoid paying possibly higher taxes in the future . C . They help your client ’ s IRA beneficiaries later when they ’ re in higher tax brackets . D . They are exempt from required minimum distributions .

From “ The Challenge To Insure Lavish Homes ,” page 52

9 . ____ of the wealthy faced challenges getting enough property insurance in the last year , said HUB International . A . 29 % C . 59 % B . 39 % D . 69 %

10 . HUB defines someone as high-net-worth if they have insurable assets of ___ or more . A . $ 1 million

C . $ 5 million

B . $ 3 million D . $ 25 million

From “ Supreme Court Ruling Could Hike Taxes When Business Is Passed ,” page 12 1 . ____ is / are often a mechanism for the company or surviving owners of a business to fund their obligations under buy-sell agreements . A . Annuities

C . Leveraged buyouts

B . Mutual funds

D . Life insurance

2 . Why might surviving owners want a higher firm valuation after a founder ’ s death ? A . It gives the deceased person ’ s survivors an estate tax break . B . They have a more expensive business to sell to acquirers . C . They produce more ordinary income . D . None of the above .

From “ 12 Questions For Philanthropists ,” page 25

3 . What do you get from “ stealth philanthropy ”? A . You inspire others . B . You won ’ t have to deal with careerist employees who must justify their jobs . C . You have the freedom for trial and error without the pressure of public scrutiny . D . None of the above

4 . What ’ s at stake for philanthropists deciding whether to divvy up donations ? A . Divided money might dilute the impact of giving . B . If you give everything to one charity , it might still miss its results . C . Many problems , such as those in education , are interrelated with other societal issues . D . All of the above

From “ Using Investors ’ Quirks To Find Value ,” page 45 5 . Joe Huber found in a study no statistical difference over ___ years in returns from high return-on-capital companies and those with low returns on capital . A . 5 B . 10 C . 16 D . 20

6 . According to Huber , companies have a shorter time to revert to mean performance if they have this : A . Decent balance sheets C . Scale and distribution B . Superior brands D . All of the above .

From “ When Roth Conversions Make No Sense ,” page 48

7 . The lower tax brackets of the Tax Cuts and Jobs act expire at the end of ___ unless they are renewed . A . 2025 B . 2026 C . 2027 D . They don ’ t expire

8 . What ’ s a reason you might not want to convert an IRA to a Roth ? A . You ’ re in a higher tax bracket now than you will be when you retire . B . Your beneficiaries will be in lower tax brackets when they get the money . C . Regular IRA monies can go toward medical and long-term-care costs . D . All of the above .

From “ The Challenge To Insure Lavish Homes ,” page 52

9 . How are rising insurance costs affecting homeowners ’ behavior ? A . They are self-insuring more . B . They are avoiding moves to disaster-prone states . C . They ’ re raising their deductibles . D . All of the above .

10 . What ’ s the benefit of having an insurance carrier ? A . Premiums are the same in disaster prone states . B . Carriers issue warnings when major weather events are imminent . C . Rates don ’ t increase . D . None of the above

56 | FINANCIAL ADVISOR MAGAZINE | JANUARY / FEBRUARY 2025 WWW . FA-MAG . COM