From“ 5 Reasons To Offer Clients A Donor-Advised Fund,” page 19 1. The total number of donor-advised fund accounts reached a high of ___ in 2024, according to DAF Research Collaborative.

A. 1.8 million B. 3.56 million

C. 5.58 million

D. 10.8 million

2. The total number of donor-advised fund assets grew to ____ in 2024, according to DAF Research Collaborative.

A. $ 180.45 million B. $ 220.58 million

C. $ 300.88 billion

D. $ 326.45 billion

From“ Playing Offense In A Defensive Sector,” page 40

3. Utility funds are often seen as ____. A. Plays on interest rates B. A mirror of what the S & P 500 is doing C. A way to make portfolios more tax efficient D. None of the above

4. The Virtus Reaves Utilities ETF has ___ holdings. A. 10 B. 15 C. 18 D. 40

From“ The Expansion Of HSAs,” page 45 5. In 2026, the minimum eligible deductible for a high-deductible health-insurance plan is ___ for individuals and ___ for family plans. A. $ 800, $ 1,600 B. $ 1,200, $ 2,400 C. $ 1,500, $ 3,000 D. $ 1,700, $ 3,400

6. The One Big Beautiful Bill did which thing for health savings accounts? A. Expanded them to bronze and“ catastrophic” plans B. Allowed the HSAs to continue paying for telehealth C. Let users keep using HSA money for direct primary care if they pay monthly or annual subscription fees D. All of the above

From“ A New Era For ETF Taxation,” page 47 7. What tax benefit did Vanguard’ s proprietary dual share class have?

A. The ETF component could purge low‐basis stocks through in‐kind redemptions.

B. Mutual funds make zero tax distributions when many of the investors exit a holding. C. One fund could hold stocks while the other held bonds. D. None of the above

8. How is an ETF able to legally skirt taxes on sales of appreciated securities?

A. The in‐kind transfers of underlying shares to authorized participants are not considered sales by the IRS. B. The portfolio manager does tax‐loss harvesting. C. It uses options contracts. D. None of the above

From“ Rethinking The Starting Line For Retirement Planning,” page 51 9. Parents will be able to contribute up to ____ per year to a Trump Account.

A. $ 1,000 B. $ 2,000 C. $ 5,000 D. $ 6,500

10. Beginning July 2026, eligible children born between January 2025 and December 31, 2028, will receive a ____ federal deposit at birth.

A. $ 1,000 B. $ 2,000 C. $ 2,500 D. $ 5,000

From“ 5 Reasons To Offer Clients A Donor-Advised Fund,” page 19

1. Donor-advised funds can accept donations of ____. A. Real estate B. Privately held company stock C. Cryptocurrency D. All of the above

2. In 2021, advisory practices offering charitable planning had ___ the median assets of those that didn’ t and ____ the median new money per investor.

A. 5 times, 1.3 times B. 6 times, 1.3 times

C. 7 times, 1.5 times

D. 7 times, 2 times

From“ Playing Offense In A Defensive Sector,” page 40 3. The Virtus Reaves Utilities ETF is active and is recently taking advantage of ____ A. The growth in electric vehicles B. The huge build‐out of data centers C. The onshoring trend D. All of the above

4. The Virtus Reaves Utilities ETF’ s portfolio is currently ____ allotted to traditional utilities.

A. 25 % to 30 % B. 50 % to 60 % C. 60 % to 65 % D. 100 %

From“ The Expansion Of HSAs,” page 45 5. What might defuse the wide adoption of HSAs after the One Big Beautiful Bill expanded access?

A. Premiums might go up after Congress failed to extend subsidies for

Obamacare. B. HSAs are not the product of any one provider. C. No one publicizes them. D. All of the above

6. By mid-2025, there were some ___ health savings accounts, according to Devenir.

A. 10 million B. 20 million C. 30 million D. 40 million

From“ A New Era For ETF Taxation,” page 47 7. How does the dual share class offer economies of scale?

A. Admin costs on a shared portfolio can be spread across a larger asset base. B. There are more assets to sell from, which reduces the tax hit. C. It’ s easier to bring a new ETF to market. D. None of the above

8. Why is a mutual fund less tax efficient by itself? A. Low basis stocks that must be sold can’ t be purged. B. The tax hit for stocks that fund investors sell must be spread to everybody. C. Investors who remain get punished having to pay taxes for those who bailed on a fund and forced stock sales. D. All of the above

From“ Rethinking The Starting Line For Retirement Planning,” page 51 9. Employers may contribute up to ____ to Trump Accounts tax-free per year.

A. $ 1,000 B. $ 2,000 C. $ 2,500 D. $ 5,000

10. A Federal Reserve survey found that only ___ of adults could cover a $ 400 emergency with cash.

A. 24 % B. 35 % C. 63 % D. 80 %

56 | FINANCIAL ADVISOR MAGAZINE | JANUARY / FEBRUARY 2026 WWW. FA‐MAG. COM